Promoters sign LOI to sell 33.52% stake to Cateye Consultancy

Promoters and promoter group shareholders of Star Housing Finance have signed a non-binding Letter of Intent with Cateye Consultancy Services to sell about 2.64 crore equity shares, equal to 33.52% of paid-up capital. Price is yet to be negotiated. The deal needs SEBI Takeover Regulations compliance, which will likely trigger an open offer. RBI approval is also required since the firm is a housing finance company. The LOI is preliminary and the company itself is not a party. No certainty the deal will close.