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

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

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

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

“We now inform that the Long Stop Date of the share purchase agreement being March 31 2021 has lapsed. Therefore, the said binding agreement/ share purchase agreement stand rescinded with effect from April 1, 2021,” the financial institution stated in a regulatory submitting.

CBHFL is a financing and mortgage firm collectively promoted by 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 firm, the place Central Bank of India holds 64.40 p.c stake, had property underneath administration of Rs 1,211.70 crore as of September 30, 2020.

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