India's Centrum Capital jumps on c.bank approval of PMC Bank takeover

Centrum Capital

21/06/2021 05:51

** Investment banking co's  CENC.NS  shares rise as much as
16.3% to 58.50 rupees, touching their highest level since August
2018
    ** India's central bank on Friday approved Centrum Financial
Services Limited's takeover of the fraud-hit Punjab and
Maharashtra Co-operative Bank  urn:newsml:reuters.com:*:nL3N2O02PC
    ** In September 2019, the RBI had put curbs on PMC bank
after finding financial irregularities like under-reporting of
bad loans
    ** With the PMC takeover, CENC's unit will be allowed to set
up a small finance bank along with fintech startup BharatPe as
an equal partner  urn:newsml:reuters.com:*:nFWN2O00KK
    ** CENC is set for its biggest one-day percentage gain in
more than 5 months
    ** Stock has more than tripled YTD

 (Reporting by Shivani Singh in Bengaluru)
 ((ShivaniSingh1@thomsonreuters.com; +91 89 6969 2349))