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Report: ICICI Bank halts sale of housing finance unit

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Report: ICICI Bank halts sale of housing finance unit

ICICI BankLtd. halted its plans to sell ICICI Home Finance Co. Ltd. afterfailing to agree with potential investors on the value of the housing financeunit, Mint reported April 1, citing"two people familiar with the transaction."

Private equity investors did not accept the bank's valuationof 24 billion rupees, or 2x book value, for ICICI Home Finance, one of thesources said. Meanwhile, the bank decided not to accept the private equity firms'offer price, which was a 20% discount to what it was seeking, the source added.

Private equity firms such as TPG Capital, Partners Capitaland Baring Private Equity Asia were among the to potentially acquire thehousing finance unit. Standard Chartered Bank and ICICI Securities wereadvising ICICI Home Finance on the possible deal.

Spokespeople for ICICI Bank, ICICI Securities and PartnersCapital did not reply to the publication's request for comment, while spokespeoplefor TPG Capital, Standard Chartered and Baring Private Equity Asia declined tocomment.

As of March 31, US$1was equivalent to 66.16 Indian rupees.