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HomeBusinessCanara Bank to reduce stake in CanFin Homes

Canara Bank to reduce stake in CanFin Homes

Housing finance firm CanFin Homes said its promoter Canara Bank will divest up to 13.45 per cent stake in the company by the end of next month.

“Canara Bank has informed the company that they have intimated RBI about their proposal to dilute their stake to 30 per cent by March 31, 2017,” CanFin Homes Ltd said in a BSE filing.

“The Bank has also informed the company that based on the acceptability of the prospective investors, final decision to divest the promoter’s stake up to 13.45 per cent to the investors would be taken by their Board in due course,” it added.

As per BSE data, the promoter’s stake in CanFin Homes stood at 44.10 per cent as on December 31, 2016.

Canara Bank has empanelled merchant/investment bankers for sourcing prospective investors and the last date for submission of bid by prospective investors is March 1.

In December last year, Canara Bank had said it proposes to bring down stake in its housing finance subsidiary CanFin Homes to 30 per cent as part of its strategy to exit non-core businesses.

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