Centrum Group Nears Housing Finance Subsidiary Sale

06 Nov 2024 CW Team

The Centrum Group is expected to finalise the sale of its housing finance subsidiary by the end of this fiscal year. The company is in advanced talks with five to six investors, considering both a full sale or partial monetisation.

Centrum Housing Finance, with a net worth of ?4.5 billion and assets under management of ?15 billion, is seeking a valuation of around ?13 billion, slightly below the market capitalisation of its parent company, Centrum Capital.

"We are progressing with final due diligence, and discussions now hinge on the company's valuation," said Jaspal Bindra, Executive Chairman of Centrum Group. The group holds a 60% stake in the mortgage lender, while Morgan Stanley owns 25%, with the remaining shares held by employees and others.

The sale process has been in the works since last year when Centrum engaged EY to explore potential investors. The final decision, whether it involves a full acquisition or a majority or minority stake sale, will depend on the valuation and counterparty agreement.

Centrum transferred all its other lending businesses, except housing finance, to Unity Small Finance Bank in 2022, a bank 51% owned by the group. The housing finance business remained separate due to Morgan Stanley’s partial ownership. In December 2022, Centrum expanded its reach by acquiring the business of National Trust Housing Finance (Natrust), entering the southern market.

The sale is expected to be finalised before the end of the current financial year, with investor interest ranging from full acquisition to minority stake sales.

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