Indian state-run lender Canara Bank Ltd has sold a 13.45 percent stake in Housing finance arm Can Fin Homes Ltd to Singapore-based Caladium Investment Pvt Ltd for 7.54 billion rupees ($113.12 million), it said on Friday.
The divestment is seen as a part of the monetization process of non-core assets of Canara Bank, the company said in a statement to the exchanges.
Caladium Investment, which is an affilate of Singapore's sovereign wealth fund GIC, will buy about 3.6 million Can Fin Homes' shares at 2105 rupees each, a premium of about 8.4 percent, as of Thursday's close.
As of Dec. 31, 2016, Canara Bank owned 43.45 percent stake in Can Fin Homes, according to data on the BSE website.
($1 = 66.6550 Indian rupees)
(Reporting By Arnab Paul in Bengaluru; Editing by Swati Bhat)