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Canara Bank scraps plan to sell Can Fin Homes stake

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Canara Bank scraps plan to sell Can Fin Homes stake

India's Canara Bank scrapped its plan to sell its entire stake in Can Fin Homes Ltd., according to a Jan. 14 stock exchange filing, without giving reasons.

In September 2019, the bank, which owns a 29.99% stake in Can Fin Homes, was looking to sell 39,930,365 Can Fin Homes shares for about 10 billion Indian rupees.

The sale at one stage received 12 bids, including nonbank financial companies. But in November 2019, Baring Private Equity Asia was the only remaining bidder.

As of Jan. 14, US$1 was equivalent to 70.86 Indian rupees.