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India's Centrum Capital to acquire 3 indirect subsidiaries

India-based Centrum Capital Ltd. obtained board approval to acquire its three indirect subsidiaries for a cash consideration of up to 3.7 billion Indian rupees.

The company said Dec. 11 it would acquire the entire shareholdings of Centrum Financial Services Ltd., Centrum Microcredit Private Ltd. and Centrum Housing Finance Ltd. from its direct unit, Centrum Retail Services Ltd.

The acquisition will simplify the company's holding structure and bring down the subsidiaries directly under Centrum Capital.

Subject to relevant regulatory approvals, the acquisition is expected to be complete by March 31, 2018.

As of Dec. 11, US$1 was equivalent to 64.37 Indian rupees.