Public sector lender Canara Bank said on Monday that it will make an open offer for 51 per cent stake in Can Fin Homes, a housing finance company, and convert it into a subsidiary.
The company’s board of directors have approved the acquisition of 51 per cent differential shares in Can Fin Homes through an open offer, Canara bank said in a filing to the Bombay Stock Exchange.
Necessary permissions for it have been obtained from the Reserve Bank of India as well as the Finance Ministry, it added.
The bank has appointed Chennai-based Ind Bank Merchant Banking Services as the merchant banker to the open offer process.
Shares of Canara bank were trading at Rs 225.10, down 0.33 per cent in the morning trade.