Construction Industry News
At a valuation of Rs 39 billion, Poonawalla Fincorp (PFL) would sell its housing development company 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 statement was housing financing value unlocking. Accordingly, PFL looked at parts dilution and price discovery as the first steps of the process.
The company claimed to have considered a number of bids, including one for a full share purchase. The Board, after due consideration, decided that a total sale of shares would be in the best interest of all stakeholders.
PFL informs, this implies total equity of Rs 39 billion.
Looking ahead, PFL stated that the company aimed to grow its assets under management at 35 to 40 percent per annum over the next three years. Headquartered in Pune, the NBFC targets consistent returns on assets in the range of 4 percent to 4.5 percent.
The housing finance unit will soon receive additional equity financing of up to Rs 10 billion from global alternative asset management company TPG to boost growth.
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