Canara Bank will be divesting up to 13.45% stake in housing finance firm Can Fin Homes by the end of next month. Canara Bank has intimated RBI about their proposal to dilute their stake to 30 percent by March 31, 2017. Canara Bank has empanelled merchant/investment bankers for sourcing prospective investors and the last date for submission of bid by prospective investors is March 1.
In December last year, Canara Bank had proposed to bring down the stake in its housing finance subsidiary Can Fin Homes to 30 percent as part of its strategy to exit non-core businesses.
Can Fin Homes is a housing finance company. The company offers housing loan to individuals; housing loan to builders/developers, and loan against property. Its loan portfolio includes housing loans and non-housing loans.