Canara Bk plans open offer for Can Fin Homes

The board of directors Canara Bank, which met recently, approved a proposal to make an open offer for Can Fin Homes.

According to a release issued by the bank to the BSE today, the bank will acquire shares so as to hold 51% stake in  Can Fin Homes in order to convert the sponsored entity into a subsidiary.

"Necessary permissions have been obtained from the Reserve Bank of India (RBI) and the ministry of finance," the release added.