Poonawalla Fincorp Wednesday said it has completed the sale of a controlling stake in its housing finance arm Poonawalla Housing Finance to Perseus, a Singapore-based entity affiliated to private equity major TPG Global, for Rs 3,004 crore. The Cyrus Poonawalla Group, more known for its vaccine-making business under the Serum Institute, in a statement said the financial consideration of Rs 3,004 crore is excluding the tax outgoes.
With this sale, Poonawalla Housing Finance will cease to be a subsidiary of Poonawalla Fincorp, and Perseus will be holding a controlling stake.
Poonawalla Fincorp did not quantify how much remaining holding it will be having.
Poonawallah Fincorp managing director Abhay Bhutada said the sale gives them ample growth capital that will help it remain focused on growth-focused consumer and MSME finance.