Do you own this NBFC-registered company that announces the sale of its housing subsidiary to TPG Ltd for Rs 3,900 crore?
In FY22 the company reported a net loss of Rs 560 crore, it skyrocketed to a net profit of Rs 375 crore or 167 per cent in FY23.
After six months of arduous bargaining, Perseus SG Pvt Ltd, an entity affiliated with TPG Ltd, agrees with Poonawalla Fincorp to acquire a 100 per cent stake in its housing subsidiary Poonawalla Housing Finance Limited. The agreement is valued at Rs 3,900 crore.
Poonawalla Fincorp wholly owns Poonawalla Housing Finance. The transaction is one of the largest in the affordable housing segment to date, with transaction values approaching 3.5 times the price to book. TPG will continue to use the Poonawalla brand for a year and will invest Rs 1,000 crore in Poonawalla Housing Finance as part of its capital infusion commitment.
Poonawalla Fincorp Limited, also known as Magma Fincorp Limited, is a non-deposit-taking NBFC registered with RBI. It is engaged in providing consumer and MSME financing and general insurance services. The company reported outstanding results in its quarterly and annual financial statements. In FY22 the company reported a net loss of Rs 560 crore, it skyrocketed to a net profit of Rs 375 crore or 167 per cent in FY23.
Poonawalla Fincorp Ltd shares are currently trading at Rs 298 per share, a 1.36 per cent decrease. The company's stock price CAGR over a year is 42 per cent. Investors should keep an eye on this stock for upcoming trading sessions.