State-owned Canara Bank has called off move to divest its entire shareholding in housing finance subsidiary Canfin Homes Ltd after receiving lower than expected price quotation.
“Since the quote received is not in tune with the valuation, Canara Bank has decided to call off divestment process of it entire stake in Canfin Homes Ltd (CFHL), which was under process,” Canara Bank said in a regulatory filing. It did not provide further details.
Canara Bank had in December 2017 informed the stock exchanges that it will offload 4% stake in Canfin Homes. After that transaction, the bank’s holding in Canfin Homes would have reduced to 26%. It later informed the exchanges that it has not accepted bids from empanelled merchant bankers and it will divest its entire stake in the company.
Canfin Homes has a pan-India network of 132 branches, 20 affordable housing loan centres and 20 satellite offices with customer base of over 1.2 lakh.
Source: Mint