IDBI to decide buyer for home loan arm later this month

MUMBAI: IDBI Bank is likely to decide the buyer for its Pune-based home loan subsidiary later this month and has narrowed down the final bidders to three, a top bank official said today.

The final bidders are Tata Capital, Religare Enterprises Ltd and Dewan Housing Finance Ltd.

"We have received bids from these three companies. These three companies are in the final round," IDBI Bank Chief Financial Officer R K Bansal told PTI here.

The bank's board would meet on January 23 to select the "most suitable bidder" for IDBI Homefinance Ltd (IHFL).

The bank decided to sell the housing finance unit with a view to consolidate its home loan business, which is presently being rolled out through the lender's home loan finance unit and IHFL.

IHFL currently has a home-loan portfolio of above Rs 2,700 crore and presence in 18 centres across the country. The company employs 150 people.

IDBI Bank had taken over erstwhile Tata Home Finance in September 2003 and renamed it as IHFL.