However, the counter gave up some gains to trade at Rs 54.25 at 12.10 pm. BSE Sensex was trading 236.81 points or 0.45 per cent down at 52,107.64 at the same time.
The joint venture floated by the Centrum Group and digital payments startup Bharatpe for launching a small finance bank will infuse Rs 1,800 crore capital into troubled Punjab & Maharashtra Cooperative Bank (PMC) on its merger with the proposed bank, a top Centrum official has said.
On Friday, the Reserve Bank gave an in-principle approval to Centrum Financial Services, a step-down arm of the diversified financial services group, to set up a small finance bank (SFB) provided it took over the troubled PMC Bank.
Shares of Centrum Capital have been on a roll in 2021. The counter has delivered over 220 per cent return in the ongoing year thus far. The scrip has surged 41 per cent in the last one month.
The in-principle approval has been in specific pursuance to Centrum Financial Services’ offer on February 1, 2021 in response to the expression of interest notification dated November 3, 2020 published by the PMC Bank, the RBI said.
