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Central Bank of India Plans to Divest Stake in Housing Finance Arm

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New Delhi: Central Bank of India on Tuesday said it plans to divest stake in its subsidiary Cent Bank Home Finance Ltd (CBHFL).

"With a view to unlocking the value of its strategic investments, the bank intends to disinvest its equity shareholding in CBHFL partly or fully to interested buyer by way of sale through a competitive bidding  process," Central Bank of India said in a filing on the BSE.

"We would like to inform that purchase and sale of investments by the bank is a part of normal banking activities," it said.

The state-owned lender holds 16.10 crore equity shares in CBHFL, constituting a 64.40 per cent stake.

Other shareholders of the CBHFL are Housing and Urban Development Corporation Ltd (6.80 per cent), National Housing Bank (16 per cent) and Specified Undertakings of Unit Trust of India (12.80 per cent).

Shares in Central Bank of India, on Tueday, ended at Rs 73.80 apiece on the BSE, up 1.37 per cent from the previous close.



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