Poonawalla Fincorp Limited (formerly Magma Fincorp Limited) has proposed a sale of its entire stake in its housing finance subsidiary Poonawalla Housing Finance Limited to private equity fund TPG at a pre-money equity valuation of ₹3,900 Crores (US$473 million).

The deal is subject to receipt of regulatory approvals (including approvals of the Reserve Bank of India and the National Housing Bank).

TPG will also infuse additional equity capital of up to ₹1,000 Crores ($121 million) into Poonawalla Housing Finance Limited in the near term to support expansion.

Khaitan & Co advised Poonawalla Fincorp on this deal.

The core transaction team was led by Haigreve Khaitan (Partner), Ashraya Rao (Partner), Anshuman Mozumdar (Partner) and Saswat Subasit (Partner), and comprised Unnita Bhattacharya (Senior Associate), Kaushik Babu (Senior Associate), Ketan Jain (Associate) and Utsav Mitra (Associate).

The Vendor due diligence and disclosure documents team consisted of Purti Minawala (Partner), Srijanee Bhattacherjee (Senior Associate), Sushmita Som (Associate), Gaurang Mansinghka (Associate) and Shruti Kunisetty (Associate).

SEBI regulatory aspects team Arindam Ghosh (Partner), Abhishek Dadoo (Partner), Shashank Patil (Principal Associate) and Gaurav Malhotra (Principal Associate).

Transaction documents team consisted of Alister Sequeira (Associate).

Anagram Partners advised TPG on this deal.

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