Mumbai, Sept 09: Industrial Development Bank of India on Monday completed the take over of Tata Homefinance, subsidiary of Tata Finance by acquiring 100 per cent equity. THFL would now be a fully owned subsidiary of IDBI and the name would change to IDBI Homefinace after obtaining necessary legal approvals, IDBI said in a release.
The deal was initiated on May 30, 2003, with the signing of a share purchase agreement with TFL after Icra Advisory Services conducted the due diligence exercise, it said.
The acquisition of THFL was a step towards proposed transfiguration into a commercial bank, it added.
IDBI chairman and managing director PP Vora would also be the chairman of the housing subsidiary while Melwyn Rego, who was heading the international resources department of IDBI, would be the managing director and CEO.
Bureau Report