Dewan, partners buy Deutsche Post home loan arm
Dewan Housing Finance said on Tuesday that it has acquired Deutsche PostBank Home Finance Ltd (DPHFL) for Rs 1,079 crore.business Updated: Mar 29, 2011 21:40 IST
Dewan Housing Finance said on Tuesday that it has acquired Deutsche PostBank Home Finance Ltd (DPHFL) for Rs 1,079 crore.
Along with Wadhawan Housing Private Ltd, Caledonia Investment and Amber, Dewan Housing has acquired the entire equity stake in Deutsche Postbank Home Finance from BHW Holding AG of Germany, Dewan Housing Finance informed the Bombay Stock Exchange.
After the deal, DPHFL has now become a subsidiary of Dewan Housing.
The deal, the largest-ever in India's housing finance space, was announced in December last year.
Following the acquisition, Dewan Housing Finance Group's combined asset base has increased to over Rs 20,000 crore.
DHFL now holds a 67.5% equity stake in DPHFL. The balance sheet size of DPHFL is about Rs 5,500 crore.
As of September 30, 2010, DPHFL's home loan portfolio stood at Rs 4,813 crore and its net worth was at Rs 524 crore.
It has over 32,000 customers, serviced through 25 branches, 14 sales offices and three processing units across the country.