Canara Bank Calls Off Move To Divest Stake In Can Fin Homes
Canara Bank calls off Can Fin Homes divestment after receiving lower-than-expected valuation.
State-owned Canara Bank Ltd. has called off move to divest entire stake in housing finance subsidiary Can Fin Homes Ltd. after getting a lower-than-expected price quotation.
“Since the quote received is not in tune with the valuation, Canara Bank has decided to call off divestment process of it entire stake in Canfin Homes Ltd., which was under process,” the lender said in a regulatory filing. It didn’t provide any further details.
Canara Bank had earlier planned to offload 4 percent stake in its subsidiary back in December. The bank’s holding would’ve come down to 26 percent after a stake sale. However, later it informed that it has not accepted bids from empanelled merchant bankers and it will divest its entire stake in the company.
Can Fin Homes has a country-wide network of 132 branches, 20 affordable housing loan centres and 20 satellite offices with over 1.2 lakh customers.