India, Oct. 5 -- Edtech major PhysicsWallah's wholly owned subsidiary FinZ Finance has agreed to sell a Rs.95.79 Cr loan portfolio to Auxilo Finserve, taking forward the company's retreat from direct student lending announced four months ago.

FinZ signed the deed of assignment on Saturday (October 3), with the transition of the loans and associated borrowers expected to conclude within 60 days, PhysicsWallah said in an exchange filing yesterday.

The portfolio represents a substantial portion of FinZ's loan book. The filing also pegged the consideration for the transaction at Rs.95.79 Cr.

"As the principal business activity of FinZ Finance is lending, the proposed transaction constitutes a substantial reduction in its lending operations...