Perseus SG Pte. Ltd. agreed to acquire majority stake in Poonawalla Housing Finance Limited from Poonawalla Fincorp Limited (NSEI:POONAWALLA) for INR 38.2 billion on December 14, 2022. The transaction shall be subject to receipt of necessary approvals from shareholders of the Company, approvals from RBI and lenders and completion of customary conditions. As per reasonable estimates, the expected time of completion of the transaction is June 30, 2023. Reserve Bank of India has approved the transaction in vide its letter dated May 30, 2023.

Haigreve Khaitan, Ashraya Rao, Anshuman Mozumdar, Saswat Subasit, Purti Minawala, Arindam Ghosh and Abhishek Dadoo of Khaitan & Co. acted as legal and Ambit Private Limited acted as financial advisor of Poonawalla Fincorp Limited on sale. Anagram Partners acted as legal and EY acted as finacial and tax advisor of Perseus on the transaction. Goldman Sachs acted as buyside financial advisor to TPG Capital India.

Perseus SG Pte. Ltd. completed the acquisition of majority stake in Poonawalla Housing Finance Limited from Poonawalla Fincorp Limited (NSEI:POONAWALLA) on July 26, 2023. The transaction completed following receipt of approval of relevant regulatory authorities and fulfilment of other terms and conditions specified in the share purchase agreement dated December 14, 2022. As a result of the transaction, PHFL has ceased to be a subsidiary of Poonawalla Fincorp and Perseus now holds a controlling equity stake in PHFL.