PAYPII

Patnitala, Nazipur, Naogaon, Naogaon, 6540

Poonawalla Fincorp, a non-banking lender, announced on Wednesday that it would pay TPG Group Rs 3,900 crore to purchase its housing arm Poonawalla Housing Finance Limited. The company’s board of directors approved the sale of its housing subsidiary on Wednesday.

Poonawalla Fincorp stated in a stock exchange filing that the deal would increase shareholders’ value over the long term as it aims to create a tech-Led and Digital-First financial services company with leadership in consumer and MSME financing.