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Business News/ Markets / Ipo/  Canara Bank to launch Canara Robeco AMC IPO; Details here
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Canara Bank to launch Canara Robeco AMC IPO; Details here

Canara Bank to initiate the procedural steps to launch IPO for its mutual fund subsidiary, Canara Robeco Asset Management Company.

Canara Bank Photo: Pradeep Gaur/MintPremium
Canara Bank Photo: Pradeep Gaur/Mint

Canara Bank, on Wednesday,  announced its in-principle approval to initiate the procedural steps to launch initial public offering (IPO) for its mutual fund subsidiary, Canara Robeco Asset Management Company.

“We wish to inform you that Canara Bank has in principle approved to initiate the process of listing its Mutual Fund Subsidiary Canara Robeco Asset Management Company Ltd, in the stock exchanges by way of Initial Public Offer (IPO), subject to following the due diligence, laid down procedures, opportune time, regulatory approvals etc.," said the company in an exchange filing.

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.

Canara Bank stated that the specifics of the listing process will be determined in due course. The bank further said, “The bank will make further announcements of all material developments with regard to the same, as and when required, as per applicable regulations."

Founded in 1993 under the name Canbank Mutual Fund, it underwent a rebranding in 2007 to become Canara Robeco Mutual Fund following a strategic partnership with the Dutch asset manager Robeco Group by Canara Bank.

As of November 2023, Canara Robeco Mutual Fund overseas assets totaling 78,398.51 crore.

Canara Bank shares ended on a higher note on Wednesday, at 432.60, reflecting an approximate 2 percent increase.

Canara Bank announced its July-September quarter results for fiscal 2023-24 (Q2FY24) on October 26, reporting a growth of 43 percent in net profit to 3,606 crore, compared to 2,525 crore in the corresponding period last year.

The public sector lender's net-interest income (NIIs) – the difference between interest earned and interest expended- in the second quarter of current fiscal rose 19.8 percent to 8,903 crore, compared to 7,433.8 crore in the year-ago period.

 

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Published: 27 Dec 2023, 07:03 PM IST
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