Housing division of Poonawalla Fincorp sold to TPG Group for Rs 3900 crore.

The non-banking finance company Poonawalla Fincorp, owned by Adar Poonawalla, announced on Wednesday that its board had approved the sale of Poonawalla Housing Finance Ltd. to TPG (Perseus SG Pte Ltd., a company connected to TPG Global, LLC) for Rs. 3,900 crore.

One of the goals in the company’s Vision 2025 declaration was the value unlocking of the housing financing business. Accordingly, the firm began the procedure by examining part dilution and price discovery, the company stated in a filing with the exchange on December 14.

Poonawalla Fincorp (standalone) believes that its present and new lines of business have a tonne of room for expansion given the fast expanding digital ecosystem. The addition of digitalisation further supports product innovation, consumer interaction, and experience.

This news is written by Ms. Amrita Singh, Research Assistant, All India Legal Forum.

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