Canara Bank to increase stake in Can Fin Homes Ltd

Canara Bank has announced that the Board of Directors has permitted the Bank to acquire differential shares so as to hold 51% stake in Can Fin Homes Ltd in order to convert the sponsored entity into a subsidiary, through the process of open-offer. Necessary permissions have been obtained from RBI and Ministry of Finance.

It has now been decided to release the public Announcement on August 27, 2007 in connection with the acquisition.

M/s. Ind Bank Merchant Banking Services Ltd, Chennai are the Merchant Banker to the open-offer scheme.

The Canara Bank stock was trading at Rs.232, up by Rs.6.90 or 3.07%. The stock hit an intraday high of Rs.233.40 and low of Rs.227.95. The total traded quantity was 28108 compared to 2 week average of 72206.

Source : Equity Bulls

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