State-owned Canara Bank on Thursday said it will sell 4% stake in Canfin Homes Ltd, reducing its stake to 26% in its housing finance subsidiary.
“The bank proposes to offload 4% stake in Canfin Homes Ltd through empanelled merchant bankers/ investment bankers,” Canara Bank said in a regulatory filing. However, it did not provide further details.
Canfin Homes had registered a net profit of Rs74.99 crore during the September quarter of this fiscal, up 36.2% from a year ago. Total income rose to Rs383.86 crore during the quarter, against Rs332.37 crore earlier.
On Thursday, shares of Canara Bank rose 0.81% to Rs368.35 apiece while those of Canfin Homes surged 7.47% to Rs509.15 apiece, on a day the benchmark Sensex fell 0.06% to 33,756.28 points.
Source: Mint