Canara Bank sells 13.45% stake in Can Fin Homes to Singapore's Caladium Investment
Indian state-run lender Canara Bank has sold a 13.45% stake in housing finance arm Can Fin Homes to Singapore-based Caladium Investment for Rs 754 crore ($113.12 million), it said on Friday.
The divestment is seen as a part of the monetization process of non-core assets of Canara Bank, the company said in a statement to the exchanges.
Caladium Investment, which is an affilate of Singapore`s sovereign wealth fund GIC, will buy about 3.6 million Can Fin Homes` shares at Rs 2,105 each, a premium of about 8.4%, as of Thursday`s close.
As of December 31, 2016, Canara Bank owned 43.45% stake in Can Fin Homes, according to data on the BSE website.
On Friday, the stock of Canara Bank closed down 0.73% or Rs 2.10 at Rs 284. 20 on the BSE.
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