Can Fin Homes, Canara Bank jump up to 5% on stake sale reports

NEW DELHI: Shares of Can Fin Homes jumped over 5 per cent while those of Canara Bank climbed almost 2 per cent in morning trade on Wednesday after Canara Bank's board approved plan to sell part or full stake in housing finance subsidiary Can Fin Homes.

Last year, Canara Bank had called off the move to divest its entire shareholding in housing finance subsidiary Canfin Homes after receiving lower than expected price quotation.

Can Fin Homes has a pan India network of 132 branches, 20 Affordable Housing Loan Centres (AHLCs) and 20 satellite offices with a customer base of over 1.2 lakh.

The said permission is subject to disinvest at the appropriate time depending on the market conditions and available options, Canara Bank said in a regulatory filing.

Shares of Canara Bank closed 1 per cent down at Rs 257.70 while that of Can Fin Homes stood 1.39 per cent up at Rs 349 on BSE .

(With inputs from PTI)