Canara Bank to sell 8.90% stake in CARE Ltd for Rs 393 crore
DSIJ Intelligence / 21 Jun 2017
Canara Bank is proposing to sell 26,22,430 equity shares of CARE, with a floor price of Rs 1500 per share, comprising of 8.90% the total paid up capital of the company.
Canara Bank has decided to sell its 8.90% stake in the credit rating agency CARE Limited for nearly Rs 393 crore.
Canara Bank is proposing to sell 26,22,430 equity shares of CARE, with a floor price of Rs 1500 per share, comprising of 8.90% the total paid up capital of the company.
The bank also added that the minimum size of the bid is one lakh shares, asking the arrangers to submit the same by noon of June 23.
The lender will complete the sale proceeding by 3 PM on 30 June.
The floor price is at a premium as compared to CARE’s current stock price of Rs 1485 on Wednesday at 1042 hours on the NSE.
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