Intimation under Regulation 30 of SEBI (LODR) Regulations 2015 - Letter of Intent received from Bassinvictus Private Limited addressed to the lenders.
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Star Housing Finance Ltd has received a Letter of Intent from Bassinvictus Private Limited, which intends to infuse Rs.200 crores in equity and acquire majority stake in the company. Bassinvictus also plans to buy out shares held by promoters and ARKFIN Investment and Advisors Limited through secondary purchase. Upon lender agreement, Rs.25 crores would be immediately infused as ICD to clear pending lender dues and statutory payments. The acquirer proposes to bring in new leadership, strengthen the board with BFSI professionals, restructure term loans by extending tenor, and grant a six-month moratorium on interest and principal repayments.
This indicates a potential change of control in Star HFL, which could trigger an open offer to minority shareholders under SEBI regulations. The fresh capital infusion and debt restructuring could be positive for the company's financials and survival, but existing shareholders face dilution and potential loss of control to the new acquirer.