CURRENT AFFAIRS
CURRENT AFFAIRS
Description
Poonawalla Housing Finance has undergone a dramatic rebranding following its acquisition by TPG Capital Asia, emerging with a new identity - Grihum Housing Finance. TPG Capital Asia purchased a significant 99.02% equity holding in the company earlier this year from Poonawalla Fincorp.
The Essence Of Grihum: Fostering Unity In Homeownership
The new name, Grihum, is a combination of the words 'Grih' (home) and 'Hum' (togetherness), and it reflects the company's commitment to encouraging collaboration and harmony. Grihum Housing Finance is committed to creating the cherished space of a 'Dream Home' for its customers, a sizable portion of whom are self-made individuals and micro-entrepreneurs in semi-urban, peri-urban, and rural areas, accounting for 62% of the business from the self-employed informal sector.
Strategic Objectives And Financial Forecast
Grihum Housing Finance plans to reach an Assets Under Management (AUM) of 8,200 crore by March 2024, with a compound annual growth rate (CAGR) of 28% over the last six years. In the future, the corporation has set an ambitious goal of attaining 11,000 crore by the end of fiscal year 2025.
TPG's Commitment And Capital Infusion
TPG has pledged to invest 1,000 crore in the growth of Grihum Housing Finance, with 538 crore already disbursed. This capital injection will be critical in assisting the company's expansion objectives and meeting its AUM targets.
Customer Focus And Operational Expansion
Grihum Housing Finance now serves over 75,000 customers through a network of 195 branches. The company intends to expand its presence by opening 2-3 new branches each month. Furthermore, talks with three life and non-life insurance companies are underway to get a corporate agency license.
Financial Metrics And Fundraising Strategy
The cost of borrowing for Grihum Housing Finance is 8.1% as of September 30, 2023. The company maintains conservative loan-to-value (LTV) ratios, with average housing loans ranging from 60% to 70%. The overall LTV ratio is set at less than 60%.
Grihum Housing Finance is planning to raise roughly 2,500 crore as part of their growth strategy. This capital infusion will be delivered via a variety of channels, including banks, non-convertible debt (NCDs), and collaboration with international organizations.
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