Canara Bank Hikes Open Offer Price To Rs 63

Canara Bank, public sector bank, said that it has raised the open offer price to Rs 63 per share and revised the schedule for purchasing additional 21.06 per cent stake in Can Fin Homes, a housing finance company. The open offer for the shareholders of the housing finance firm would now commence from December 19 and close on January 7 at the revised price of Rs 63 per share as against Rs 58, the company said in a filing to the Bombay Stock Exchange. Earlier, the open offer was scheduled to begin from October 19 and close on November 7. The company intends to increase its existing 29.94 per cent stake in Can Fin Homes to 51 per cent through the open offer by purchasing 43,14,246 fully paid up equity shares. After the open offer, the housing finance company would become a subsidiary of Canara Bank.

The company''s board of directors had approved the acquisition of 51 per cent differential shares in Can Fin Homes through an open offer on August 27. Necessary permissions for it have been obtained from the Reserve Bank of India as well as the Finance Ministry. Chennai-based Ind Bank Merchant Banking Services is acting as the merchant banker to the open offer process. Shares of Canara bank closed 1.16 per cent down, at Rs 314.25 on the BSE.