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.

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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 San Francisco in 1992, with $135 billion of assets under management and investment and operational teams in 12 offices globally. 

Source: SWFI

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