Mumbai, Jul 26 (PTI) Poonawalla Fincorp Wednesday said it has completed the sale of a controlling stake in its housing finance arm Poonawalla Housing Finance to Perseus, a Singapore-based entity affiliated to private equity major TPG Global, for Rs 3,004 crore.

The Cyrus Poonawalla Group, more known for its vaccine-making business under the Serum Institute, in a statement said the financial consideration of Rs 3,004 crore is excluding the tax outgoes.

Also Read | What Is No-Confidence Motion? Will Modi Government Survive No-Trust Vote in Lok Sabha? Here’s All You Need To Know.

With this sale, Poonawalla Housing Finance will cease to be a subsidiary of Poonawalla Fincorp, and Perseus will be holding a controlling stake.

Poonawalla Fincorp did not quantify how much remaining holding it will be having.

Also Read | Hyderabad Shocker: Man Throws Himself Under Moving Bus, Dies; Chilling Video of Suicide Goes Viral.

Poonawallah Fincorp managing director Abhay Bhutada said the sale gives them ample growth capital that will help it remain focused on growth-focused consumer and MSME finance.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)