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.

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

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

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

Canara Bank had expressed its intent, in 2017, to offload 4 per cent stake in Can Fin Homes 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 BSE 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.