TPG Capital set to buy ICICI Home Finance for Rs 2,200 crore – Feedback

Buyout firm TPG Capital is close to buying ICICI Home Finance for Rs 2,200 crore, making the lucrative mortgage market a battleground for global funds and potentially snapping at the heels of leader Housing Development Finance Corp. for market share.

The deal which could be announced in less than a fortnight, also indicate the diminishing valuation of mortgage companies due to intensifying competition since ICICI Bank had to lower its expectations by half, said two people familiar with the matter. When investors sign on the dotted lines to buy ICICI Home, it would be the third significant stake purchase in a mortgage firm by private equity firms in recent years after the US fund Carlyle bought PNB Home Finance, and the Switzerland-based Capital Partners scooped up Au Financiers’ mortgage company.

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