Dewan Housing buys 67.56 per cent in Deutsche Postbank Home Finance for Rs1,079-crore
29 March 2011
Dewan Housing Finance Corporation Limited along with promoter group Wadhawan Housing Private Limited, Caledonia Investment Plc, UK and Amber 2010 has acquired the entire equity capital of Deutsche Postbank Home Finance Limited from BHW Holding AG, Germany.
The transaction, which involved Rs1,079-crore investment of Rs1,079 crore by Dewan Housing Finance Ltd, closed on 25 March 2011. With this, Deutsche Postbank Home Finance Limited has become a subsidiary of Dewan Housing Finance Corporation Limited.
Dewan Housing has acquired a majority 67.56 per cent in the German company, which will be eventually held through its 100 per cent owned SPV while the balance 32.44 per cent was acquired by others.
The acquisition is subject to necessary approvals from regulatory authorities, the company said in filing with the Bombay Stock Exchange.
Deutsche Postbank Home Finance Ltd is registered with the National Housing Bank (NHB) in India. As of 30 September 2010, the company's home loan portfolio stood at Rs4,813 crore, recording a 19 per cent combined annual growth rate. The company had a book value of Rs524 crore and nil NPA levels.
The company reported a net profit of Rs38 crore for the six months ended 30 September 2010.