Canara Bank to offload its 30 per cent stake in Can Fin Homes within the next 10 days, ETNow reported quoted sources.
“Can Fin stake sale is nearing completion,” the report said while adding that the deal is likely at 15-20 per cent premium against the current market price (CMP) of Rs 415.
“The deal is likely to be at Rs 450-450 per share against CMP of Rs 415,” ETNow said.
It also added that numerous private equity (PE) players have submitted bids and Baring was a lead bidder.
Canara Bank is yet to respond to ETNow’s query.
Shares of Can Fin Homes closed 1.07 per cent down at Rs 410.20 on BSE. Canara Bank closed up 2.33 per cent at Rs 213.05.
State-owned Canara Bank in September invited bids to sell 30 per cent stake in its housing finance subsidiary.
Can Fin Homes has a pan India network of 160 branches, 20 affordable housing loan centres (AHLCs) and 14 satellite offices spread across the country.
Last year, Canara Bank had called off move to divest entire shareholding in housing finance subsidiary after receiving lower than expected price quotation.
Source: Economic Times