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Canara Bank seeks bidders for Can Fin Homes stake

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Canara Bank seeks bidders for Can Fin Homes stake

India's Canara Bank is seeking bidders for the sale of its entire 29.99% stake in local housing finance institution Can Fin Homes Ltd.

The bank is looking to sell 39,930,365 Can Fin Homes equity shares, according to a Sept. 9 stock exchange filing.

The invitation to bid comes after the Indian government decided to merge Canara Bank and Syndicate Bank Ltd. into one entity as part of a wider consolidation among public sector banks.

As of Sept. 6, US$1 was equivalent to 71.52 Indian rupees.