Edelweiss Housing open to 26% stake

Edelweiss Housing Finance Ltd is considering roping in a strategic partner for divesting 26 per cent stake. "We like to follow the insurance company model to offer say 26 per cent to a strategic partner. We do not just want to do so for capital, but for expertise in the mortgage business like in mature markets," Edelweiss chairman Rashesh Shah said today.

Also read: Secured or unsecured: Which loans are easy on pocket?

He clarified that though the housing finance arm of Rs 3,000-crore Edelweiss Group had offers, it might divest after a year when its book grew to Rs 2,000-2,500 crore. Currently, the housing portfolio is around Rs 1,500 crore.

Shah was here to inaugurate the local office of Edelweiss Tokio Life. Edelweiss last year had roped in Tokio Marine as partner for its life venture. Shah said the housing business was doing well adding about Rs 100 crore every month. "The small ticket housing loan is growing very fast. We aim to expand this product to other regions from just two states in south India," he said.

Meanwhile, Shah said he was not averse to foraying into banking but wants regulations in place before taking a final call. Yesterday, decks had been cleared for entry of corporates into the banking sector with Parliament approving a long-pending Banking Laws Amendment Bill that would give RBI more regulatory powers.

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