The Poonawalla Fincorp witnessed a slight increase in its share price during early trading on wednesday, following the company's announcement of receiving approval from the RBI for diluting its stake in a subsidiary.
The RBI has approved divestment in the company's material subsidiary Poonawalla Housing Finance to TPG Global LLC.
In accordance with the terms and conditions outlined in the share purchase agreement dated December 14, 2022, the company had announced divestment of all of the 249,821,117 equity shares held in Poonawalla Housing Finance (PHFL) in favour of Perseus SG Pte Ltd, an entity affiliated to TPG Global LLC. The completion of this transaction is subject to the necessary regulatory approvals and the fulfillment of customary conditions.
"The RBI approved the application made by the subsidiary for the proposed change in shareholding of PHFL subject to fulfilment of the conditions as mentioned in the said RBI Letter," company said in its press release.
Following the completion of the proposed equity share transfer, Perseus will acquire a controlling stake in PHFL.
Poonawalla Fincorp Ltd Shares
The shares of poonawalla Fincorp Ltd on Wednesday at 12:35 pm IST were at Rs 342.25, up by 0.68.
