Mumbai (Maharashtra): State-owned Canara Bank said on Monday its investment committee has permitted to initiate the process of stake sale in Commonwealth Trust India Ltd (CTIL).
CTIL was incorporated in 1977 to acquire and take over the business and undertaking of Commonwealth Trust Ltd United Kingdom, a company established in 1919 to take over factories set up by Basel Mission in the mid-19th century under the British East India Company.
The company has weaving and tile factories at Mangaluru (Karnataka), Kozhikode, Feroke and Olavakkode (all in Kerala) with headquarters in Kozhikode.
The bank has invited expression of interest for sale of 37,500 equity shares, representing 30 per cent of paid-up share capital held by it in CTIL.
The last date of submission is October 10, said Canara Bank in the statement adding that the interest should be for entire stake of the company.