Kolkata: The Centrum Group on Wednesday announced that it completed the sale of its housing finance subsidiary Centrum Housing Finance to Premji Invest-backed Weaver Services. Centrum had owned 75% in the mortgage lender.
Consequently, the Centrum Housing Finance ceased to be it’s subsidiary from Wednesday, the company said in a stock exchange notice.
Separately, Weaver Services said it raised Rs 950 crore, completing a two-tranche capital raise totalling Rs 1,450 crore. The capital will fund Weaver’s acquisition of a 75% controlling stake in Centrum Housing Finance.
The deal received regulatory approval for the acquisition earlier in the month.
Premji Invest, which backed Weaver in its founding round, has co-led the latest Rs 950 crore raise alongside Lightspeed Venture Partners.
Gaja Capital and a group of senior financial services professionals complete the investor syndicate, the company said.