Canara Bank Sells 13.45% Stake In Can Fin Homes

Canara Bank Sells 13.45% Stake In Can Fin Homes

State-run lender Canara Bank Ltd has sold a 13.45 per cent stake in Housing finance arm Can Fin Homes Ltd to Singapore-based Caladium Investment Pvt Ltd for Rs 754 crore, it said on Friday.

The divestment is seen as a part of the monetization process of non-core assets of Canara Bank, the company said in a statement to the exchanges.

Caladium Investment, which is an affilate of Singapore's sovereign wealth fund GIC, will buy about 3.6 million Can Fin Homes' shares at Rs 2,105 each, a premium of about 8.4 per cent, as of Thursday's close.

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As of Dec. 31, 2016, Canara Bank owned 43.45 per cent stake in Can Fin Homes, according to data on the BSE website.

© Thomson Reuters 2017


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