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Canara Bank expects to raise 10B rupees via Can Fin Homes stake sale

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Canara Bank expects to raise 10B rupees via Can Fin Homes stake sale

Canara Bank expects to fetch about 10 billion Indian rupees from the sale of its 29.99% stake in Can Fin Homes Ltd., Financial Express reported Sept. 12, citing the bank's managing director and CEO, R.A. Sankara Narayanan.

The Indian public sector bank has received 12 bids from serious investors, including other nonbanking financial companies, for the stake in Can Fin Homes, Narayan said.

The lender on Sept. 6 said it was seeking bidders for the stake, equivalent to 39,930,365 equity shares in the housing finance company.

Canara Bank expects to receive a capital infusion of 65 billion rupees from the Indian government, and it also set to merge with Syndicate Bank Ltd., the publication reported.

Narayanan said the bank plans to use the amount received from the capital infusion and the stake sale to drive credit growth.

As of Sept. 11, US$1 was equivalent to 71.70 Indian rupees.