Central Bank of India to up stake in housing finance arm

Central Bank of India to up stake in housing finance arm
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First Published: Wed, Jul 29 2009. 02 41 PM IST
Updated: Wed, Jul 29 2009. 02 41 PM IST
Kolkata: Central Bank of India plans to raise its stake in its housing finance arm, an official said on Wednesday.
The bank will restructure the housing finance business as some existing stakeholders want to sell off their stake, chairman and managing director S. Sridhar said.
The bank holds 59% in the housing arm, while National Housing Bank and Housing Urban Development Co. are some of the other stakeholders.
The bank also plans to raise Rs3.5 billion in the current fiscal and the government will infuse Rs7 billion of capital via preference shares, Sridhar added. It had raised Rs5 billion via tier-II debt last quarter.
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First Published: Wed, Jul 29 2009. 02 41 PM IST