Central Bank of India cancels agreement to sell stake in housing finance subsidiary

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Central Bank of India cancels settlement to promote stake in housing finance subsidiary

State-owned Central Bank of India on Wednesday stated it has cancelled an settlement to promote its stake in housing finance subsidiary to Centrum.

In December, the financial institution had entered right into a binding settlement to divest its complete fairness stake in Cent Bank Home Finance Limited (CBHFL) to Centrum Housing Finance Limited, matter to approval from regulatory government.

“We now tell that the Long Stop Date of the proportion acquire settlement being March 31 2021 has lapsed. Therefore, the stated binding settlement/ proportion acquire settlement stand rescinded with impact from April 1, 2021,” the financial institution stated in a regulatory submitting.

CBHFL is a financing and loan corporate collectively promoted through 4 public sector establishments — Central Bank of India, National Housing Bank, Specified Undertaking of Unit Trust of India (SUTTI) and Housing and Urban Development Corporation (HUDCO).

The corporate, the place Central Bank of India holds 64.40 p.c stake, had belongings beneath control of Rs 1,211.70 crore as of September 30, 2020.

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