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Can Fin Homes gains 5% after Canara Bank initiates stake sale process

In the past one year, the shares of Can Fin Homes have declined by 0.34 per cent against a nearly 11 per cent rise in the benchmark index.

SI Reporter  |  New Delhi 

Can Fin Homes gains 5% after Canara Bank initiates stake sale process

Shares of rallied up to 5 per cent intra-day on the on Wednesday after the parent Canara Bank, re-initiated process in the subsidiary housing finance company.

State-owned on June 18 informed the exchanges that its board has approved plan to sell part or full stake in housing finance subsidiary READ STATEMENT HERE

At 10:24 am, the scrip was quoting Rs 356 apiece, up 4 per cent. In comparison, the was trading 0.78 per cent higher. In contrast, shares of the were trading at Rs 262 per share, having touched an intra-day gain of 2 per cent at Rs 265 per share.

had expressed its intent, in 2017, to offload 4 per cent stake in to bring down its holding from 30 per cent to 26 per cent. The process was, however, called off last year after the bank received “lower than expected” price quotation.

In the past six months, the shares of Can Fin Homes have rallied by 25 per cent against 8 per cent rise in the benchmark S&P Sensex. While, on a yearly basis, the shares of CFH have declined by 0.34 per cent against a nearly 11 per cent rise in the benchmark index.

First Published: Wed, June 19 2019. 10:42 IST
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