Canara Bank intends to sell 13% of its shares in its subsidiary mutual fund firm, Canara Robeco Asset Management Company (AMC), through an initial public offering (IPO). The bank has disclosed this decision to the Indian stock market, pending approval from the Reserve Bank of India (RBI) and the Department of Financial Services, Ministry of Finance, Government of India.
Canara Bank’s Announcement
Canara Bank has informed the Indian exchanges about its plan to list its Mutual Fund Subsidiary, Canara Robeco Asset Management Company Ltd, through an IPO. The bank has approved the dilution of a 13% stake in Canara Robeco AMC, subject to regulatory approvals.
Canara Bank’s shares closed at ₹582.45 each on Thursday on the NSE, showing a significant increase of over 30% since the announcement of the Canara Robeco AMC IPO in December 2023.
Details of Canara Robeco IPO
Canara Bank’s board approved the Canara Robeco AMC IPO in December 2023. Once listed, it will become the fifth mutual fund company to enter the Indian stock market, joining other prominent names like HDFC AMC, Nippon Life India AMC, UTI Asset Management Company, and Aditya Birla Sun Life AMC.
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