Gaja Capital-backed Weaver Services to acquire 75% stake in Centrum Housing for Rs 600 cr: Report

According to the report 56.39 percent of the company is owned by Centrum Capital, with 18.62 percent with associated companies and staff

Weaver Services, a Gaja Capital-backed platform is set to acquire Centrum Group’s mortgage lending unit Centrum Housing Finance for Rs 600 crore, a report by The Economic Times said on August 8.

The private equity-backed firm and founded by former HDFC Bank executives will purchase 75 percent stake in the housing finance company, the report said.

The transaction will take the enterprise value of Centrum Housing Finance to Rs 800 crore, which is double the adjusted net worth of the company, the newspaper said.

According to the report 56.39 percent of the company is owned by Centrum Capital, with 18.62 percent with associated companies and staff, while the rest of the stake is with Morgan Stanley, ET said.

Last month, Moneycontrol had reported that Weaver Services is in talks to raise around Rs 1,200 crore from Lightspeed Venture Partners and Premji Invest. The two investors will each put in around Rs 400 crore to co-lead the round and be equal investors in the Mumbai-based housing finance company. The company will also see investment from Gaja Capital, angel investors and HDFC’s former boss Keki Mistry, the report had said.

Former HDFC Ltd veteran Satrajit Bhattacharya will remain the vice chairman of the company and Anil Kothuri, former managing director and CEO at Fedbank Financial Services, will run day to day operations at Weaver Services, Moneycontrol had reported