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Canara Bank not to divest stake in Can Fin Homes due to low price quotation

Canara Bank has decided to call off divestment process of it entire stake in Canfin Homes Ltd

Press Trust of India  |  New Delhi 

Canara Bank
Canara Bank

State-owned has called off move to divest its entire shareholding in housing subsidiary after receiving lower than expected price quotation.

"Since the quote received is not in tune with the valuation, has decided to call off divestment process of it entire stake in Ltd (CFHL), which was under process," said in a regulatory filing.

However, it did not provide further details.

Can Fin Homes has a pan India network of 132 branches, 20 Affordable Housing Loan Centres (AHLCs) and 20 satellite offices with customer base of over 1.2 lakh.

In December 2017, Canara Bank informed stock exchanges that it will offload 4 per cent stake in Ltd (CFHL). After the transaction, the bank's holding in CFHL would have reduced to 26 per cent.

However, later it informed that it has not accepted bids from empanelled merchant bankers and it will divest its entire stake in the company.

First Published: Sun, April 01 2018. 00:01 IST
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