Mumbai, June 3 :     The shareholding pattern of Centurion Bank is set to change with Keppel Bank?s stake falling from 20 per cent to 17.71 per cent as a result of 20th Century Finance Corporation?s (TCFC) recent merger with the bank, and a Rs 33.75-crore public issue planned for the third quarter of 1999. TCFC, which holds a 26 per cent stake in Centurion Bank, will also have its stake reduced to 23.70 per cent. However, the bank?s promoters, Davendra Ahuja and his associates, may shore up their holdings by snapping up the proportion of shares reserved for founding fathers who walked out, sources said. Asked whether the Singapore-based Keppel Bank could be given an option to retain its holding at 20 per cent through a preferential offer, a bank spokesperson said the decline in the foreign bank?s stake was only marginal and, therefore, not a worry for its partners. Keppel Bank?s 20 per cent stake on a total capital base of Rs 135 crore was based on the terms of approval laid down while awarding the licence. Also, the proposed public issue will be launched on a higher capital base of Rs 152.47 crore. The bank board has yet to take a decision on the pricing of the public float. 20th Century Finance Corporation, one of the country?s leading non-banking finance company, had recently wrapped up an industry-defining merger with Centurion Bank to consolidate businesses and achieve synergies. The boards of the two companies had agreed to a proposal whereby Centurion Bank would acquire the operating businesses of TCFC. The acquisition, in a single stroke, gifted Centurion Bank an all-India presence and a wide reach in retail finance. The restructuring of TCFC entailed the de-merger of its investment division into TCFC Finance; merger of TCFC Holdings Ltd, a subsidiary of TCFC, with TCFC Finance and the amalgamation of TCFC with Centurion Bank, excluding the investment division.