National Housing Bank buys stake in M

New Delhi, Aug 12 (UNI) National Housing Bank (NHB) today said it has picked up 12.5 per cent stake in the home finance unit of Mahindra and Mahindra Financial Services Ltd.

No financial details were, however, disclosed.

NHB has picked up the stake in Mahindra Rural Housing Finance Ltd and NHB would help the company raise funds for the home finance unit in the first two years, a company statement said.

''NHB has an objective of strengthening the credit for housing finance in rural areas,'' NHB's Chairman and Managing Director S Sridhar said.

UNI SR SBA GC1842