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Saturday, 31 March 2018

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Canara Bank calls off divestment of stake in Can Fin Homes

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Public sector lender Canara Bank on Saturday called off the divestment process of its stake in its housing finance subsidiary Can Fin Homes. In a statement to the exchanges, the bank said that they took a decision to do so since the quote received was not in tune with the valuation.

The bank holds 30.44 per cent stake in its subsidiary Can Fin Homes. There were reports in January that Canara Bank was planning to sell its entire stake.
Can Fin has 132 branches and 20 affordable housing finance centres with a particularly strong footprint in the southern markets.
Media reports had earlier suggested that HDFC  was eyeing a 30 per cent stake in Canara Bank’s housing finance company Can Fin Homes. HDFC had has emerged as a frontrunner among bidders to buy Canara Bank's stake in Can Fin Homes.
In an interview to CNBC-TV18 on March 28, Keki Mistry, VC & CEO of HDFC spoke about their bid for Can Fin Homes. He had said that they had made an offer about 10-15 days back and added that they have not made any revised offer.
On December 21, 2017, Canara Bank had said that they are looking to offload 4 percent stake in Can Fin Homes through merchant bankers. However, two weeks later on January 10, 2018, the bank announced that they did not accept the bids received from the bankers for the sale.
Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.CapitalStars Investment Adviser: SEBI Registration Number: INA000001647

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