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BY A STAFF REPORTER
Shares of Centrum Capital surged nearly 11%% today as the company moved a step forward in the process of acquiring Punjab & Maharashtra Co-operative Bank with the board approving the transfer of operations of its two wholly-owned subsidiaries to a proposed small finance bank arm.
The company will transfer the businesses of Centrum Financial Services and Centrum Microcredit to the proposed small finance bank arm, which will be its step-down subsidiary.
The move is subject to approval by members and other requisite statutory and regulatory approvals, and the company expects the process to be completed in two months.
The Reserve Bank of India had given a green signal to a consortium of Centrum Financial Services and BharatPe to take over Punjab & Maharashtra Co-operative Bank on Jun 19. Shares of Centrum Capital had hit a nearly three-year high of 58.5 rupees on Jun 21 after the approval.
Centrum Financial Services was allowed to set up a small finance bank for the takeover. The central bank had given the consortium 120 days to operationalise the small finance bank.