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Mumbai: Poonawalla FincorpNon-Banking Branch of Vaccine Head Cyrus Poonawalla Groupannounced the sale of its housing subsidiary on Wednesday Poonawalla Housing Finance to the head of private equity TPG 3,900 crore in Rs.
The transaction, subject to regulatory approval, is being conducted by TPG Global Branch Perseus SGAdding to the deal is part of its endeavor to maximize shareholder value and focus on consumer and MSME financing by creating a technology-led financial services company, the statement said.
The Pune-based company said that the complete sale of the housing units will enable the company to focus on maximizing value creation by optimizing resource allocation and enhance management’s focus on their respective business needs, adding the proceeds from the sale will Growth capital will be strong.
By focusing on technology driven growth, the company aims to achieve loan book growth of 35-40 per cent annually over the next three years and maintain net NPAs below 1 per cent.
The financial services business is of strategic importance to us, and we are fully committed to creating value for all our stakeholders and positioning Poonawalla Fincorp as the new age financial services company of choice.
Adar Poonawalla, chairman of Poonawalla Fincorp, said the company will continue to focus on its growth coming from technology-led businesses and a branch-lite model.
Abhay Bhutada, Managing Director, Poonawalla Fincorp said the transaction will further support their growth strategy given the huge market opportunity. Their focus segments of consumer and MSME financing will continue to see healthy growth and this deal will further accelerate the growth story through growth capital.
In February 2021, Poonawalla Fincorp acquired Magma Fincorp for Rs 3,456 crore, and it is now owned by Rising Sun Holdings, a company owned and controlled by Adar Poonawalla.
It has an AUM of Rs 18,560 crore and employs more than 4,000 employees and is involved in pre-owned car finance, personal loans, loans to professionals, business loans, SME loans, loans against property, supply chain finance, medical devices, consumer Provides loans and affordable homes. Loan.
The assets under management of Poonawalla Housing Finance stood at Rs 5,612 crore as of July-September, 2022-23.
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