ICICI Bank gains over 1% as Indostar Capital in talks to buy home finance biz
ICICI Home Finance's value will be nearly Rs 3,000 crore.
ICICI Bank share price rose 1.4 percent intraday Tuesday after a media report indicated that PE firm funded non-banking finance company is in talks to acquire bank's home finance business.
"Indostar Capital Finance is negotiating to acquire as much as a 70 percent stake in ICICI Home Finance, the mortgage lending unit of ICICI Bank which has had other suitors as well in the past," The Economic Times said quoting people familiar with the matter.
The non-banking finance company funded by private equity firm Everstone Capital has offered to pay Rs 2,000 crore for the stake, the report added. At that price, ICICI Home Finance's value will be nearly Rs 3,000 crore.At 12:44 hours IST, the stock price was quoting at Rs 290.50, up Rs 0.55, or 0.19 percent on the BSE.