Poonawalla Fincorp Ltd (PFL) on Wednesday said it received a post-tax consideration of ₹3,004 crore, following consummation of its controlling stake sale in its housing finance subsidiary Poonawalla Housing Finance Ltd (PHFL) to Perseus SG Pte. Ltd, affiliated to TPG Global LLC.
The divestment of 24.98 crore equity shares held by PFL and its nominees in its material subsidiary, PHFL, in favour of Perseus SG Pte. Ltd has been consummated on July 26, post receipt of approval of relevant regulatory authorities (including the Reserve Bank of India), completion of a 30-day public notice and fulfilment of other terms and conditions specified in the share purchase agreement dated December 14, 2022, executed by the company, PFL said in a regulatory filing.
Abhay Bhutada, Managing Director, PFL, said, “With the consummation of the housing finance subsidiary transaction, we get ample growth capital, which will continue to keep us focused on achieving our stated Vision 2025. We will continue the focus on our chosen segments of consumer and MSME, and build a tech-led, digital first retail lending franchise.”
Web Title – Poonawalla Fincorp receives ₹3,004 crore from sale of its controlling stake in housing finance arm