Poonawalla Fincorp Ltd on Wednesday (July 26) announced that it has completed the sale of controlling stake in its housing subsidiary Poonawalla Housing Finance Ltd to Perseus SG Pte Ltd, an entity affiliated with TPG Global. Following the stake sale, Poonawalla Housing Finance will cease to be a subsidiary of Poonawalla Fincorp.

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Poonawalla Fincorp received a post-tax consideration of Rs 3,004 crore for its stake sale, the Cyrus Poonawalla group promoted non-bank lender said in a filing.

"We hereby inform that the divestment of 249,821,117 equity shares held by Poonawalla Fincorp Limited and its nominees (the 'Company') in its material subsidiary, Poonawalla Housing Finance Limited ('PHFL/Subsidiary'), in favour of Perseus SG Pte. Ltd. ('Perseus /Purchaser'), an entity affiliated to TPG Global LLC, has been consummated on July 26, 2023 post receipt of approval of relevant regulatory authorities (including the Reserve Bank of India ('RBI'), completion of a 30 day public notice (as per the terms of the approval from RBI) and fulfilment of other terms and conditions specified in the share purchase agreement dated December 14, 2022, executed by the company," it said.

"As a result of the divestment, with effect from today, Poonawalla Housing Finance has ceased to be a subsidiary of the company and Perseus now holds a controlling equity stake in PHFL," the statement read.

"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," said CA Abhay Bhutada, Managing Director, PFL.

First Published:Jul 26, 2023 6:06 PM IST