In an exchange filing the NBFC said, “A meeting of the board of directors to be convened on Wednesday, 14 December 2022 to consider, evaluate and decide on the way forward in relation to certain proposals for raising of funds/sale of controlling stake in Poonawalla Housing Finance, subsidiary of the company.”

Poonawalla Fincorp is a Cyrus Poonawalla group promoted non-deposit taking systemically important non-banking finance company (ND-SI-NBFC), registered with the Reserve Bank of India (RBI).

The company's consolidated net profit soared 70.8% to Rs 163.12 crore on 27.1% jump in total income to Rs 654.89 crore in Q2 FY23 over Q1 FY22.