On Wednesday, Poonawalla Fincorp said that it has reached an agreement with private equity company TPG Global to sell its housing business Poonawalla Housing Finance for Rs3,900 crore.
One of the goals of the company's Vision 2025 plan was to unlock value in the housing financing business.
The company got an overwhelming number of proposals, some of which called for a full stake takeover.
As Poonawalla Fincorp concentrates on developing a tech-led and digital-first financial services organization, the sale of the company is anticipated to increase shareholders' value over the long term, the parent company stated in a release.
The statement quoted Abhay Bhutada, Managing Director of Poonawalla Fincorp, as saying, "We are committed towards reaching our stated Vision 2025, with our focus on product diversity, innovation, and exceptional customer experience."
Poonawalla Fincorp aims to increase assets under management (AUM) by 35â€“40% over the next three years. To do this, it will concentrate on growing in the selected categories while utilizing technology and digital skills.
Through careful underwriting and collection techniques, the company will also strive to consistently achieve a return on assets (RoA) in the region of 4.0â€“4.5% while keeping the ratio of net non-performing assets below 1%.For feedback and suggestions, write to us at email@example.com
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