The PSU lender Canara Bank Ltd., has called off its move to divest entire stake in housing finance subsidiary Can Fin Homes Ltd. after getting a 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., which was under process," the lender said in a BSE regulatory filing. It didn't provide any further details.
Canara Bank had earlier planned a 4 percent stake load-off in its subsidiary back in December 2017. The bank's holding would've come down to 26 percent after a stake sale. It had mandated atleast five investment bankers to find potential buyers.
Can Fin Homes has a country-wide network of 132 branches, 20 affordable housing loan centres and 20 satellite offices with over 1.2 lakh customers.
Inputs from PTI