State-owned Central Bank of India will exit housing finance joint venture by selling its entire stake of over 64 per cent to Centrum Housing Finance for Rs 160 crore.
바카라 웹사이트"This is to inform that the bank has entered into a binding agreement to divest its entire equity stake of 64.40 per cent바카라 웹사이트 i.e. 1,61,00,000 shares of face value of Rs 10 each in Cent Bank Home바카라 웹사이트바카라 웹사이트
Finance Ltd (CBHFL), to Centrum Housing Finance, subject to approvals from regulatory authorities," Central Bank of India 바카라 웹사이트said in a BSE filing.
바카라 웹사이트 According to a separate filing by Centrum Capital, the parent of Centrum Housing, the cost of acquisition is about Rs 160 crore on cash basis.
바카라 웹사이트"The company's subsidiary, Centrum Housing Finance has entered into a share purchase agreement with Central Bank of India바카라 웹사이트 for acquisition of bank's entire equity stake in CBHFL constituting 64.40 per cent of the share capital of CBHFL on a fully diluted basis, " Centrum Capital said in the filing.
The target entity is in the same line of business as the subsidiary, hence this is a strategic acquisition, it added.
Centrum Capital said the deal is expected to be closed in about two to three months.
CBHFL is a financing and mortgage company jointly promoted by four public sector institutions -- Central Bank of India, National Housing Bank, Specified Undertaking of Unit Trust of India (SUTTI) and Housing and Urban Development Corporation (HUDCO).
The company's asset under management stood at Rs바카라 웹사이트1,211.70 crore as of September 30, 2020. Total income was Rs바카라 웹사이트65.81 crore.
Present in nine states, the company's customers바카라 웹사이트include individuals, associations of persons, companies, corporations and societies.
