Canara Bank's open offer for CanFin fails

Canara Bank's open offer for its subsidiary CanFin Homes has failed to get the targetted response from the shareholders.

Canara Bank had intended to hike its stake by 21.06% on offering Rs 78 per share but has been able to get only 0.92% through the offer.

Canara Bank, if the offer had sailed through, would have ended controlling 51% in the subsidiary.

Post this offer, Canara Bank will hold 30.86%.

The response has been muted even after Canara Bank hiked its offer twice from Rs 63 since opening during fag end of August last year.