TPG Capital signed definitive documents with Poonawalla Fincorp Limited to acquire its subsidiary Poonawalla for a pre-money equity valuation of $471m.
The transaction is invested through TPG Capital Asia, the firm’s Asia-focused private equity platform, subject to regulatory approvals and satisfaction of other customary conditions. In the near term, TPG will also infuse additional equity capital up to INR 10 billion to support growth.
Poonawalla Housing Finance is a pan-India player in the affordable housing finance segment with 153 branches spreading across 20 states. As of September 2022, PHFL’s AUM of over INR 56 billion comprised affordable home loans (64%) and loans against property (36%) with an average ticket size of ~INR 1 million, to self-employed and salaried borrowers.
Get the week’s top news delivered directly to your inbox – Sign up for our newsletter
Adar Poonawalla is the Chairman of Poonawalla Group. Adar Poonawallam is CEO of the Serum Institute of India, one of the world’s largest manufacturer of vaccines.
Ambit Pvt. Ltd acted as exclusive Financial Advisor to Poonawalla Group on this transaction.
TPG is a global alternative asset management firm, founded in
Source: SWFI
Can’t stop reading? Read more
Boyu takes control of Starbucks China in 20,000-store expansion push
Boyu takes control of Starbucks China in 20,000-store expansion push Boyu Capital has completed...
Apollo exits $14.2bn Intel fab stake as strategic partnership evolves
Apollo exits $14.2bn Intel fab stake as strategic partnership evolves Apollo has agreed to sell...
Ares raises $5.4bn for US and Europe real estate strategies as recovery drives demand
Ares raises $5.4bn for US and Europe real estate strategies as recovery drives demand Ares has...