State-run lender Canara Bank Ltd has sold a 13.45 per cent stake in Housing finance arm Can Fin Homes Ltd to Singapore-based Caladium Investment Pvt Ltd for Rs 754 crore ($113.12 million), it said on Friday (March 11).
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 2105 rupees each, a premium of about 8.4 percent, as of Thursday's close.
As of December 31, 2016, Canara Bank owned 43.45 percent stake in Can Fin Homes, according to data on the BSE website.
(Reuters)
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