Chairman of the state-run IDBI bank told it might sell its Pune-based home loan subsidiary IDBI Home Finance (IHFL) by the end of this month.
Earlier bank had postponed its sale, as it required more information about prospective buyers.
IDBI Bank's Chairman and Managing Director Yogesh Agarwal informed, "We had deferred the plan (to sell the subsidiary) earlier as our Board felt more information about prospective buyers was needed. Our sale plan is very much on".
Although the board has not set any time limit for the sale, but expects to close the deal by February end, Agarwal informed.
Earlier on January 23 IDBI Bank's Board had met to discuss and announce the buyer from amongst three contenders -- Dewan Housing, Religare Enterprises and Tata Capital.
As per information from IDBI Bank sources, Dewan Housing has put in the highest bid.
IDBI Bank took decision to sell its home-loan subsidiary with an aim to strengthen its housing finance business, which is at present being looked by both the bank and IHFL, thereby ensuing in competition between the two.
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