NHB to acquire 12.5% stake in Mahindra Rural Housing Finance

NHB to acquire 12.5% stake in Mahindra Rural Housing Finance
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First Published: Tue, Aug 12 2008. 05 33 PM IST
Updated: Tue, Aug 12 2008. 05 33 PM IST
PTI
New Delhi: National Housing Bank today said it has agreed to acquire a 12.5% stake in Mahindra Rural Housing Finance Ltd, a wholly-owned subsidiary of Mahindra and Mahindra Financial Services Ltd, for Rs5.8 crore.
“We have agreed to acquire 12.5% stake in Mahindra Rural Housing Finance for Rs5.8 crore. We will keep this stake for the next two years after which we will consider to increase it or sell it,” NHB Chairman and Manging Director S Sridhar told reporters here.
A subscription agreement between the two companies has been signed and as per this agreement NHB would participate in the first two years capital raising programmes of Mahindra Home Finance, which is a brand name of Mahindra Rural Housing Finance.
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First Published: Tue, Aug 12 2008. 05 33 PM IST