Adar Poonawalla-led NBFC Poonawalla Fincorp shares rose nearly 1% on Thursday after the company announced it would sell its housing arm to TPG Group for Rs 3,900 crore. The company’s board approved the sale of Poonawalla Housing Finance to Perseus SG Pte, an entity affiliated with TPG Global, LLC.
Poonawalla Fincorp shares opened at Rs 307.50, over 1% up from its previous close. The shares were trading 1.40 points up at Rs 303.50. Its shares touched a 52-week high of Rs 343.75 on December 13, 2022, and a low of Rs 182.65 on December 20, 2021. It has risen more than 40% in the past year and over 25% in the last six months. At the current market price, it has a total market capitalisation of Rs 23,175.45 crore. It touched an intraday low of Rs 301.60 and a high of Rs 308.00. On Wednesday, the company’s shares closed at Rs 302.10.
The step was taken in line with the company’s vision 2025 statement and according to the press release, the transaction will help focus on maximizing value creation by optimizing resource allocation and increasing management focus on their respective business needs.
“Poonawalla Fincorp will continue to focus on its growth coming from Tech-Led businesses and a branch-lite model while Poonawalla Housing will follow its own differentiated path as a completely independent business. As a global leading investment firm, TPGs experience in building and supporting leading financial services companies will add greater value to Poonawalla Housing,” said Adar Poonawalla, Chairman, Poonawalla Fincorp.