Deal Street

March 15, 2017

Canara Bank Sells Stake Of 13.45% Shareholding Of Can Fin Homes Limited To An Affiliate Of GIC

canara bank

The Bengaluru office of Dua Associates (a prominent national law firm that provides a broad range of legal services to domestic and international clients, including individuals, privately-owned businesses, public-sector enterprises, publicly-listed companies, and many multinational organizations) was instrumental in the recent stake sale of 13.45% shareholding of Can Fin Homes Limited (a subsidiary of Canara Bank that is engaged in the business of housing finance and offers a range of products on housing such as loans for home purchase, home construction, home improvement/extension, site purchase, and non-housing finance).

The deal was between Canara Bank, which is the seller, and an affiliate of GIC (a sovereign wealth fund established by the Government of Singapore to manage Singapore's foreign reserves), which is the purchaser.

Notably, 35,80,849 equity shares (of Rs 10 each) were sold at Rs 2,105 per share, amounting to a total of Rs 753.77 Cr, in an off-market deal. The sale was completed on March 10, 2017.

The transaction advisory services team included Relationship and Lead Partner Srinivas B.R.; Partner Karan Ajitsaria; Partner Kunal Mehra; and Associates Charumathi M., Sharan Balasubramaniyam, and Maitreyi Kannur. Ajitsaria advised on the FEMA perspective, while Mehra advised on the Competition Act perspective.

Related Post

latest News

  • Delhi HC frames Scheme for Redressal of Grievances of Members of Bar in Delhi District Courts, HC

    Hon'ble Chief Justice of the Delhi High Court vide order dated October 10, 2018 framed a Scheme for Redressal of Grievances of Members of the Bar in t...

    Read More
  • Jindal Global Law School and Cornell Law School sign MoU

    Jindal Global Law School (JGLS) and Cornell Law School, New York have signed a Memorandum of Understanding (MoU), thereby permitting students to pursu...

    Read More
  • NGT Refuses To Allow Registration Of 10 New Diesel Vehicles Conforming To BS-III Norms

    Following the ban imposed by the Supreme Court on the sale and registration of Bharat Stage-III (BS-III) vehicles from April 1, 2017

    Read More