Canara Bank rises on plan to pare stake in Can Fin Homes

Canara Bank rose 2.16% to Rs 376.30 at 11:05 IST on BSE after the company said it plans to pare stake in Can Fin Homes.

The announcement was made after market hours yesterday, 21 December 2017.

Meanwhile, the S&P BSE Sensex was up 188.11 points, or 0.56% to 33,944.39.

On the BSE, 77,000 shares were traded in the counter so far, compared with average daily volumes of 1.22 lakh shares in the past two weeks. The stock had hit a high of Rs 377.25 and a low of Rs 370 so far during the day. The stock hit a 52-week high of Rs 463.40 on 26 October 2017. The stock hit a 52-week low of Rs 250.26 on 2 January 2017 .

Canara Bank said it proposes to offload 4% stake in Canfin Homes (CFHL) through empanelled merchant bankers/ investment bankers. The post deal stake holding by Canara Bank in CFHL will be 26%.

Canara Bank's net profit fell 27.1% to Rs 260.18 crore on 1.58% decline in total income to Rs 11994.64 crore in Q2 September 2017 over Q2 September 2016.

The Government of India held 66.29% stake in Canara Bank as per the shareholding pattern as on 30 September 2017.

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