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Business News/ Markets / Stock Markets/  Canara Robeco AMC IPO: Canara Bank to offload 13% stake in subsidiary mutual fund company via upcoming IPO
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Canara Robeco AMC IPO: Canara Bank to offload 13% stake in subsidiary mutual fund company via upcoming IPO

Canara Robeco IPO: In December 2023, Canara Bank board had given in-principal approval for the initial public offer of its subsidiary AMC

Canara Robeco AMC IPO: Canara Bank share has risen over 30 percent after the announcement of the Canara Robeco AMC IPO in December 2023. (Photo: Mint)Premium
Canara Robeco AMC IPO: Canara Bank share has risen over 30 percent after the announcement of the Canara Robeco AMC IPO in December 2023. (Photo: Mint)

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.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Published: 29 Mar 2024, 11:09 AM IST
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