trending Market Intelligence /marketintelligence/en/news-insights/trending/ZVJCrf1a7OZh4VuJr8ghSQ2 content esgSubNav
In This List

Centrum Capital denies rumored stake sale to former Standard Chartered Asia chief

Blog

Banking Essentials Newsletter: October Edition

Blog

Banking Essentials Newsletter: September Edition, Part - 2

Video

S&P Capital IQ Pro | Unrivaled Sector Coverage

Video

S&P Capital IQ Pro | Powering Your Edge


Centrum Capital denies rumored stake sale to former Standard Chartered Asia chief

Centrum CapitalLtd. denied a media report that said it would sell a minority staketo former Standard CharteredBank Asia CEO Jaspal Bindra, who would then become the company's chairman.

The company said it is not in talks with Bindra about a possiblestake sale, according to an April 7 filing with the Bombay Stock Exchange. It alsonoted that there was no proposal to appoint Bindra as the company's chairman.

India's The Economic Timesreported the same day that negotiations between the two parties were in the finalstages. The report, which cited "three people with direct knowledge of thematter," said a deal would likely be announced shortly, with the two partiesin the process of getting various approvals.

While the report could not verify the exact amount of the sharesale, it noted that Bindra could own a stake of around 20% to 26% in Centrum Capital.

Bindra declined to comment on the report when contacted by thenewspaper, while Centrum Capital did not reply to an email seeking clarificationat the time.