Central Bank of India not to sell stake in home finance subsidiary to Centrum
New Delhi: Central Bank of India has cancelled the agreement to sell off its equity stake in its home finance subsidiary to housing finance company Centrum Housing Finance Ltd.
In 2020, Central Bank of India had inked a binding agreement to sell off its entire equity stake in its subsidiary Cent Bank Home Finance Ltd to Centrum. The move by Central Bank was subject to approval from concerned government and 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 Therefore, the said binding agreement/ share purchase agreement stand rescinded with effect from April 1, 2021," Central Bank said in a regulatory filing.