National Housing Bank today said it has agreed to acquire a 12.5 per cent stake in Mahindra Rural Housing Finance, a wholly-owned subsidiary of Mahindra and Mahindra Financial Services, for Rs 5.8 crore.
"We have agreed to acquire 12.5 per cent stake in Mahindra Rural Housing Finance for Rs 5.8 crore. We will keep this stake for the next two years after which we will consider to increase it or sell it," NHB Chairman and Manging Director S Sridhar told reporters here.
A subscription agreement between the two companies has been signed and as per this agreement NHB would participate in the first two years capital raising programmes of Mahindra Home Finance, which is a brand name of Mahindra Rural Housing Finance.
