Canara Bank calls off proposal to divest stake in Can Fin Homes

Cites differences in valuation as the reason.

Canara Bank office in Mumbai.

Canara Bank has called off its plan to divest its entire stake in its housing finance arm, Can Fin Homes Ltd.

Since the quote received was not in tune with the valuation, the bank has chosen to call of the move to divest its stake in the home finance arm.

The bank has already informed stock exchanges on its decision.

Canara Bank has a 30% stake in Can Fin Homes Ltd. as on December 2017, according to the shareholding pattern available in stock exchange records.

HDFC was reportedly in the running for acquiring the stake of Canara Bank in Can Fin Homes. Some private equity firms were also believed to be in the fray.