Dewan Housing Finance has emerged as the front-runner to buy, IDBI Home Finance, having put the highest bid amongst the three shortlisted bidders.
A senior IDBI Bank official said,” IDBI Bank’s Board will meet on Friday to “consider and approve the selection” from amongst the three shortlisted companies
“In terms of pricing, Dewan Housing Finance has more weight than the other two companies which are in the race. However, our Board will take the decision on whom to sell.”
The two others in the fray to buy the Pune-based home finance company are Tata Capital and Religare Enterprises. IDBI Capital is acting as the advisor to IDBI Bank for the deal.
Earlier, the bank had received Expressions of Interest (EoIs) from over a dozen entities from which it has now zeroed in on the above three.
The home finance unit has a loan portfolio of over Rs 2,700 crore with a presence in 18 centres pan-India.
IDBI Bank decided to sell its subsidiary since it also sells home loan productsand felt that offering the same products from two group entities did not make business sense.
Filed under: Home loan, Home loan India, Home loan rates | Tagged: Dewan Housing Finance, home finance, home loan products, IDBI home finance
