Canara Bank sells 13.45%stake in housing finance arm to Caladium Investment
Canara Bank sold the stake to Singapore-based Caladium Investment for Rs754 crore as a part of the monetisation process of its non-core assets
Mumbai: Canara Bank said on Friday that it had sold a 13.45% stake in its subsidiary Can Fin Homes Ltd for Rs 753.77 crore to an affiliate of Singapore’s sovereign wealth fund GIC Pte Ltd.
The buyer, Caladium Investment Pvt Ltd, bought 35,80,849 shares at Rs 2,105 each in an off-market deal.
The decision to sell the stake in its home loans arm is part of the state-owned bank’s plan to monetise assets that are not core to its main lending business.
In the quarter ended 31 December, Can Fin Homes reported a net profit of Rs 59.6 crore, compared with Rs 42.18 crore a year ago. Revenue rose 24% year-on-year to Rs 349.5 crore in the December.
Editor's Picks »
- Motherson Sumi continues to face margin pressure in foreign markets
- What the Warren Buffett indicator tells us about market valuations today
- Jet Airways lands with a thud in Q4 as fuel costs increase
- IBC amendments: Some dilutions, and a lot more speed
- Patanjali’s gambit is paying off in toothpaste wars