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The PSU bank has entered into a binding agreement to divest its entire 64.40% stake in Cent Bank Home Finance to Centrum Housing Finance. This is to inform that the bank has entered into a binding agreement to divest its entire equity stake of 64.4% i.e. 1,61,00,000 shares of face value of Rs 10 each in Cent Bank Home Finance to Centrum Housing Finance, subject to approvals from regulatory authorities, Central Bank of India said in a regulatory filing on Thursday (24 December 2020).
According to a separate filing by Centrum Capital, the parent of Centrum Housing, the cost of acquisition is about Rs 160 crore. The company said the deal was expected to close in about 2-3 months.