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PSU banks go slow on asset sales, await privatisation list
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PSU banks go slow on asset sales, await privatisation list
Mayur Shetty / TNN / Updated: Apr 3, 2021, 16:43 IST
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MUMBAI: Public sector banks that were not part of the consolidation process are going slow on their plans to monetise assets as part of their capital-raising efforts. These banks have decided to wait and see whether they are candidates for the government’s privatisation plan before initiating any stake sale.
The thinking is that private investors might see more value in a bank that has other businesses that can be grown. Last week, Central Bank of India allowed a deal to sell its housing finance arm Cent Bank Home Finance to fall through by not going ahead with the transaction before the long-stop date of March 31, 2021.
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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. This is to inform that the bank has entered into a binding agreement to divest its entire equity stake of 64.40 per cent i.e. 1,61,00,000 shares of face value of Rs 10 each in Cent Bank Home Finance Ltd (CBHFL), to Centrum Housing Finance, subject to approvals from regulatory authorities, Central Bank of India said in a BSE filing. 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.