IndoStar Capital Finance plans to acquire majority stake in ICICI Home Finance
DSIJ Intelligence / 04 Jul 2017
ICICI Home Finance closed its loan book at Rs 8,972 crore for 2016-17. It reported a net profit of Rs 183.2 crore on the back of Rs 1,052.8-crore revenue for the year.
A leading business daily reported that IndoStar Capital Finance, a non-banking finance company (NBFC) controlled by private equity firm Everstone Capital, plans to acquire a majority stake in ICICI Home Finance, an ICICI Bank subsidiary.
ICICI Home Finance closed its loan book at Rs 8,972 crore for 2016-17. It reported a net profit of Rs 183.2 crore on the back of Rs 1,052.8-crore revenue for the year.
Equity valuation of the deal will be Rs 3,000 crore with IndoStar and Everstone, together owning two-third of the business. The ICICI Bank will continue to hold the remaining one-third.
“At Rs 3,000 crore, ICICI Home Finance is valued at two times its book value for the last financial,” said an investment banker familiar with the sale process for the ICICI Bank subsidiary.
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