CENTRAL BANK OF INDIA STARTS RESTRUCTURING OF ITS SUBSIDIARY - CENTBANK HOME FINANCE

As per the report appearing in The Business Standard, Central Bank of India, the leading Nationalised Bank has started restructuring of its home finance subsidiary - Centbank Home Finance - in an attempt to raise the valuation of the company before selling it. It is reported that the bank has appointed Ernst and Young for advice on restructuring and valuation of its subsidiary.
Central Bank of India is the major shareholder in the company having a share of 59.5 per cent. Other shareholders are UTI and National Housing Bank each with 16 per cent share and the remaining 8.5 per cent share is held by HUDCO.
The report also says that the capital base of the subsidiary company is Rs.20.00 crores and the net worth is Rs.48.00 crores. For the year ended 31.3.2009, it earned a net profit of Rs.3.18 crores and the gross outstanding loans were Rs.257.88 crores at the end of March 2009.
Source: http://www.business-standard.com/india/news/central-bank-starts-process-to-sell-mortgage-arm/373913/