Shareholders Cheer as Can Fin Homes Greenlights Robust Dividend and Key Transactions at 36th AGM

Can Fin Homes, the prominent housing finance arm promoted by Canara Bank, recently held its 36th Annual General Meeting (AGM), a pivotal event where key decisions shaping the company's future and shareholder returns were cast. The meeting concluded on a high note, with shareholders enthusiastically approving a significant dividend payout and a series of vital related party transactions.

A highlight for investors was the unanimous approval of a robust dividend of Rs 6 per equity share for the financial year 2023-24.

This translates to an impressive 60 percent dividend payout based on the shares' face value of Rs 10. The company has set July 18, 2024, as the record date for this dividend, ensuring that eligible shareholders will receive their payments on or before August 2, 2024. This consistent dividend policy underscores Can Fin Homes' commitment to delivering tangible value to its investors.

Beyond the dividend, the AGM also served as a crucial platform for ratifying various related party transactions.

These transactions, essential for the company's operational synergy and strategic alliances, were conducted with a range of entities closely associated with Canara Bank's ecosystem. The approved entities include Canbank Factors Ltd, Canara Bank itself, Canbank Computer Services Ltd, Canara Robeco Asset Management Co Ltd, and Canara HSBC Life Insurance Company Ltd.

The approval of these transactions reflects the transparent and robust governance framework within Can Fin Homes, ensuring all dealings serve the company's best interests and comply with regulatory standards.

The successful passage of all resolutions proposed at the AGM, each securing the requisite majority, reinforces the strong confidence shareholders place in Can Fin Homes' leadership and strategic direction.

As a key player in the housing finance sector, backed by the venerable Canara Bank, Can Fin Homes continues to demonstrate financial stability and a proactive approach to corporate governance, benefiting both its customers and its dedicated shareholder base.

In the wake of the AGM, Can Fin Homes' stock performance saw a modest uptick, closing at Rs 851.05, a 0.16% increase on the BSE, signaling a positive market reception to the resolutions passed.

This development further solidifies Can Fin Homes' position as a stable and rewarding investment opportunity in the financial market.