Dua Associates acted for Canara Bank in the sale of its 13.45% stake in Can Fin Homes, which was bought by Singapore’s sovereign wealth fund GIC for Rs 753.77 crore in an off-market deal on 10 March 2017.

The Dua Associates team was led by Bangalore partner Srinivas BR, partner Karan Ajitsaria, and partner Kunal Mehra, and associate Charumathi AM, associate Sharan Balasubramaniyam and associate Maitreyi Kannur.

Shardul Amarchand Mangaldas acted for GIC.

2017-03-10

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The Hindu Business Line reported:

Canara Bank said the sale in the associate company is part of its efforts at monetising non-core assets. Bengaluru-headquartered CanFin Homes was established in 1987 by Canara Bank. In the nine months ended December 31, 2016, the company recorded a 49 per cent year-on-year jump in net profit at ?164 crore. Canara Bank shares closed at ?284.20 apiece, down 0.73 per cent, while CanFin Homes closed at ?1,977.65 apiece, up 2.11 per cent, on the BSE.