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Canara Bank called off divestment of its stake in Can Fin Homes

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Canara bank

In September last year, the lender again invited bids to sell 30 per cent stake in Can Fin Homes, but has now backed out without giving reasons for the move.

State-owned Canara Bank has called off the divestment of its stake in housing finance subsidiary Can Fin Homes, the lender announced on Tuesday. In 2018 too, the bank had forgone the stake sale after receiving lower than expected price quotation. 

In September last year, the lender again invited bids to sell 30 per cent stake in Can Fin Homes, but has now backed out without giving reasons for the move. 

“We hereby inform the stock exchanges that the Bank has decided to call off the divestment process of its entire stake in Can Fin Homes Ltd, which was under progress,” Canara Bank said in a filing on Tuesday. 

Bids were invited through merchant bankers for sale of 3,99,30,365 equity shares of face value of Rs 2 each, constituting 29.99 per cent stake in Can Fin Homes. 

Can Fin Homes has a pan India network of 132 branches, 20 affordable housing loan centres and 20 satellite offices with customer base of over 1.2 lakh.

Source: PTI

(The story has been published from a wire feed without any modifications to the text)

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