Canara Bank to offload 13% stake in Canara Robeco Mutual Fund via IPO
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Canara Robeco AMC IPO: Canara Bank has declared to sell out 13 percent of its shares in its subsidiary mutual fund company Canara Robeco Asset Management Company (AMC). The PSU bank informed Indian stock market exchanges about the decision and said that shares would be sold out through the Canara Robeco AMC IPO (Initial Public Offering). However, approval in this regard from the Reserve Bank of India (RBI) and the Department of Financial Services, Ministry of Finance, Government of India is still awaited.
Canara Bank news
Informing Indian exchanges about the development, Canara Bank said, “We had informed stock exchanges regarding in-principle approval to initiate the process of listing our Mutual Fund Subsidiary Canara Robeco Asset Management Company Ltd, by way of Initial Public Offer (IPO). In furtherance to the above, we wish to inform you that Canara Bank has accorded approval for initiating the process for diluting a 13% (Thirteen percent) stake of the bank by listing Canara Robeco Asset Management Company Ltd (CRAMC) in the stock exchange by Initial Public Offer (IPO) subject to approval from Reserve Bank of India and Department of Financial Services, Ministry of Finance, Govt. of India.”
Canara Bank shares ended on Thursday at ₹582.45 apiece on NSE. The PSU stock has risen over 30 percent after the announcement of the Canara Robeco AMC IPO in December 2023.
Canara Robeco IPO details
Canara Bank board had given in-principal approval for Canara Robeco AMC IPO in December 2023. Upon listing, this will mark the entrance of the fifth mutual fund company into the Indian stock market, joining the ranks of HDFC AMC, Nippon Life India AMC, UTI Asset Management Company, and Aditya Birla Sun Life AMC.
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Published: 29 Mar 2024, 11:09 AM IST
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