TPG Global will buy Poonawalla Housing Finance, deal done for Rs 3900 crore, know details.
New Delhi: Poonawalla Fincorp Limited on Wednesday announced the sale of its housing sector subsidiary Poonawalla Housing Finance to Perseus SG Pte Ltd, an affiliate of TPG Global. Poonawalla Fincorp has announced the sale of its subsidiary for Rs 3,900 crore.
The company gave this information
The non-banking finance company, promoted by Cyrus Poonawalla Group, informed in a regulatory filing, “This transaction will create greater value for the shareholders in the coming period as Poonawalla Fincorp’s focus shifts to a leadership position in consumer and MSME financing.” Together we are on our way to becoming a digital first financial services company based on technology.”
Poonwala Housing Finance Company operates in this market.
The Housing Finance subsidiary operates in the affordable housing market. As of March 31, the company had 46,000 customers and an average ticket size of Rs 11 lakh.
Poonawalla Fincorp has said that it will continue to work only towards ‘Vision 2025’ and its focus will be on asset quality and profitability along with growth.
The company gave this information
The statement issued by the company said, “The company has received excellent response and offers to buy the entire stake. After a very careful review of the offers, the board has decided that the sale of the entire stake is acceptable to both the parties and all Will be in the interest of stakeholders. This decision was taken keeping in mind the different customer segments, presence in different geographical areas and distribution model.
