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.

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