Canara Bank slips after calling off Can Fin Homes stake sale

Canara Bank announced that it called-off the proposed divestment of its entire 30% stake in its housing finance subsidiary, Can Fin Homes, which was under progress.

Shares of Canara Bank fell 1.49% to Rs 212.25 while those of Can Fin Homes fell 3.44% to Rs 373.10.

In September 2019, the lender invited bids to sell 30% stake in Can Fin Homes, but has backed out without giving reasons for the move.

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% stake in Can Fin Homes.

Back in 2018, the bank had withdrawn the stake sale after receiving lower-than-expected price quotation.

Can Fin Homes and Canara Bank will announce their third quarter earnings on 20 and 23 January 2020, respectively.

Can Fin Homes is a housing finance firm. The company, as on date, has 159 branches, 21 affordable housing loan centres (AHLCs) & 14 satellite offices spread across various locations of the country in 21 States & Union Territories, total 194.

As on December 2019, the government held 78.51% in Canara Bank.

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