If you are referring to the fact that even though BHFL profit raises, share of BFL will reduce because of stake sale, that should be fine considering they will sell at higher price to book and they will good cash from this transaction.
Moreover this Housing arm is not such a great profitable business compared to parent business. CRAR is already at 20-ish range, but generating a RoE of only 15-ish range. Offcourse book grown at great pace, but all this major growth is funded by capital from BFL. But after IPO, as and when new funding requirement araises, it will happen in open market and at a higher PB, this will provide lot of inorganic returns through valuation rerating.
But since bajaj finance itself is a good business and listing a subsidiary does not make much of a diffrence. This is more or less like a neutral event(My thought).
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