Poonawalla Fincorp on Wednesday said it has sold its subsidiary, Poonawalla Housing Finance, to Perseus SG, which is affiliated with TPG Global, for Rs 3,900 crore.
Poonawalla Fincorp is a company that deals with affordable housing. It had over 46,000 customers as of March 31, and the average loan ticket size was Rs 11 lakh.
“The transaction will maximise shareholder value in the long term, as Poonawalla Fincorp focusses on building a tech-led, digital-first financial services company, with leadership in consumer and micro, small and medium enterprise (MSME) financing,” the Cyrus Poonawalla group-promoted non-bank lender said in a regulatory filing.
The company manages assets worth Rs 18,560 crore and employs over 4,000 people. Pre-owned car financing, personal loans, loans to professionals, business loans, and small and medium enterprise loans against property, supply chain financing, medical equipment, consumer loans, and home loans are among its financial services offerings.
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