TPG Cap in advanced talks to buy ICICI Home Finance: Sources

The country's largest private lender ICICI Bank is in advanced talks to sell its home finance arm to private equity firm TPG Capital, sources have told CNBC-TV18.TPG has offered to pay around USD 300 million, and the deal is likely to be finalized after the two companies negotiate on a few terms of agreement.ICICI Bank aims to close the deal in first quarter of FY17 itself if negotiations go through. Standard Chartered and ICICI Securities are advisors to the deal. The bank holds 100 percent stake in ICICI Home Finance, which posted Rs 180 crore profits in FY16, down 9 percent year-on-year.When contacted for a response, TPG Capital did not offer any comment.Watch video for more