These types of delays are fairly common. The offer documents are fairly long and complicated. The comparison is not just on the price but also on other terms of the offers like warranties, indemnities etc etc. There could multiple rounds of explanations or negotiations.
Dont they need to complete the sale by Monday else they will not be able to book profits by this FY end and hence will have to pay LTCG tax of 10% from next year
HDFC might not be willing to pay any premium to the CMP. Still it can be rerated like Gruh. By Monday evening, news should be out.
Let’s first hope HDFC is the eventual winner.
“Should be out by Monday evening” Is this a guess or you are certain based on some source?
I feel govt will rather offload stake to HDFC rather than any PE player considering the merit of offloading stake to an institution.
Reasonable date would be Monday/Tuesday.
Canfin Homes confirms no such thing.
What drama!! Is the ET news and also this clarification made to affect the stock price before the deal closes officially??
Its becoming more exciting than 20:20 … just few working hours left (practically its in 2 digits now) to end the financial year & going by management… we will have the result in current FY itself… Impact of rumours have started impacting the price… not sure the group positive for HDFC will use the dips to add more or the highs can be used by them to run away sensing BARING leading ahead… The traders have a field day
Actually, it should be the board of Canara bank that should primarily be meeting to discuss the sale and not primarily Canfin board, isn’t it?
Canara bank management will finalize based on inputs of CANFIN Board
Bank holidays on Thursday & Friday and the following Monday as well. Working days are today, tomorrow and March 31st, Saturday. Can the transactions (canara bank selling shares to the bid winner) happen on bank holidays as well?
Arijit Barman (ET reporter) who reported the Canfin board meet(to which Canfin board has denied) has confirmed that reporting was wrong. He has double checked and says it was Canara Bank Board which did the meet to finalise and not Canfin board. As the case should be Canara bank management has to decide and not Canfin management.
Looks like some vested inetrests are behind the repeated speculative articles, times group is loosing whatever creibility is left. Sad.
CANFIN deal called off…
Very very negative news. Don’t know how badly the stock will be hit now.
Every crisis is an opportunity. Canfin has got a good business model with a foreseeable runway. This sale is not their concern and the management of Canfin is not involved.
As long as they could focus and continue their drive, things should work out better for those who are looking at long term value.
Of course, not a pleasant feeling if you are glued on to ticker during this saga of Canara bank handling this sale.
I guess this poses numerous questions of the quality of book Canfin is having. Remember a company with such high reported growth rates, negligible NPAs, strong ROE,s and reasonable Price ratios in whats called as as attractive industry like affordable housing finance, has got no takers !! Deal being called off after due diligence is certainly a big negative to me.