Centrum to sell stakes in housing finance arm by March
Centrum Group is likely to finalise the sale of its housing finance subsidiary by the end of this fiscal, with the odds evenly distributed between the possibility of a 100% sale and part monetisation.
The group is in talks with five-six investors and the discussions have now boiled down to the valuation of the company, people aware of the matter said.
According to market sources, Centrum is looking for a valuation of around Rs 1,300 crore for the housing finance subsidiary, which is a little below the current market cap of Centrum Capital, the operating holding company of the group.
«The group is negotiating with several investors and the discussions are now progressing to the final due diligence and valuation of the company,» Centrum group executive chairman Jaspal Bindra told ET.
Centrum Housing Finance has a networth of Rs 450 crore and assets under management of Rs 1500 crore.
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