The NHB issued a No Objection Certificate (NOC) on June 24, 2025, marking the fulfilment of all conditions precedent by IndoStar and Niwas, according to a statement.
The transaction was first announced on September 19, 2024, when the Board of IndoStar Capital Finance Ltd. approved the sale of its entire stake in its wholly-owned subsidiary, IndoStar Home Finance Pvt. Ltd. (now known as Niwas Housing Finance Private Ltd), to WITKOPEEND B.V. for ₹1,750 crore on a fully diluted basis—implying a valuation of three times price-to-book. The deal was subject to customary conditions, including approvals from the Reserve Bank of India (RBI), shareholders, and lenders.
On March 21, 2025, the RBI granted its approval for WITKOPEEND B.V. to acquire 100% of the shareholding in Niwas.
With the NHB’s NOC now in hand, IndoStar and Niwas have informed the stock exchanges of the development and confirmed that the transaction is progressing toward closure.
WITKOPEEND B.V. will now proceed with the acquisition of the entire share capital of Niwas, currently held by IndoStar Capital Finance Ltd.
The deal is expected to be completed by July 17, 2025, in accordance with the terms of the signed Share Purchase Agreement.
