Private equity firms TPG Capital, L.P. and Partners Capital Investment Group LLC are the only bidders to buy ICICI Home Finance Company Limited, two people with direct knowledge of the matter said. The bids at INR 27-28 billion, though, are much lower than what the bank was expecting for ICICI Home Finance, but there is space for negotiations, said one of the people. The deadline for the bids ended on January 15, 2016.

An ICICI Bank Ltd. spokesperson confirmed receiving inquiries from interested parties and said ICICI has not made any decision to sell its stake. A TPG Capital spokesperson declined to comment, while Partners Capital didn't respond.