INSUBCONTINENT EXCLUSIVE:
NEW DELHI: PSU lender Canara Bank on Tuesday called off divestment process of its stake in Can Fin Homes, the housing finance subsidiary of
The bank did not specify the reason behind the move.
Baring PE Asia had emerged as the sole bidder to acquire a controlling stake in the
housing finance company in November
Two other contenders, Aditya Birla Capital and Warburg Pincus had pulled out just ahead of the deadline.
In June, Canara Bank had received
board approval to sell part or entire 29.99 per cent stake in the subsidiary.
In September 2019, chief executive R A Sankara Narayanan said
the bank had received 12 expressions of interest (EoIs) and was expecting Rs 1,000 crore
JM Financial and Kotak Mahindra were advising the lenders in the sale process.
In 2018 as well, Canara Bank had called off the sale process
after receiving price bids below expectations
215 while Can Fin Homes was up 0.12 per cent at Rs 386.30