Poonawalla Fincorp to sell TPG a housing financing unit for Rs 39 bn

16 Dec 2022 CW Team

At a valuation of Rs 39 billion, Poonawalla Fincorp (PFL) would sell its housing business Poonawalla Housing Finance (PHFL) to Perseus SG, a subsidiary of private equity firm TPG Global. The transaction is pending regulatory approval.

The PFL board accepted the agreement this week.

One of the goals in the company's vision 2025 declaration was the value unlocking of the housing financing business. In keeping with that, PFL looked at part dilution and price discovery as the process's initial steps.

The business claimed to have considered a number of bids, including those for a complete stake purchase. The board determined that a total stake sale would be in the best interests of all stakeholders after conducting a thorough investigation.

PFL informs, this implies a total equity worth of Rs 39 billion.

By the end of September 2022, PHFL's assets under management had increased 31 per cent year over year (YoY) to Rs 56.12 billion.

PFL elaborated on the future, stating that the company aimed to grow its assets under management by 35 to 40 per cent annually over the following three years. The NBFC with its headquarters in Pune aims to consistently generate a return on asset in the range of 4 per cent to 4.5 per cent.

The housing financing unit will soon receive additional equity funding up to Rs 10 billion from global alternative asset management company TPG to boost growth.

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