SBI Home to cut down operations
By Our Banking Bureau | 09 Jan 2002
1
Mumbai: SBI Home Finance has informed the stock exchanges that it will scale down its operations. SBI and other financial institutions promote the company and the promoters are unable to bring in additional capital.
A notice by the company to the bourses says: "In view of the continued inability of institutional shareholders to infuse additional capital into the company for reviving its operations, the board has decided to scale down its operations."
The company had sought an additional capital of Rs 135 crore, which is not forthcoming. It is now left with two options either SBI buys it out or it goes into liquidation.
