Canara Bank to sell a 13% stake in Canara Robeco AMC through IPO

However, the stake sale is subject to regulatory approvals from the Reserve Bank of India and Department of Financial Services, Ministry of Finance, Govt. of India

Public sector lender Canara Bank will sell a 13 per cent stake in Canara Robeco Asset Management Company by way of an Initial Public Offering (IPO) post-receiving board approval to dilute the stake.

However, the stake sale is subject to regulatory approvals from the Reserve Bank of India and the Department of Financial Services, Ministry of Finance, Government of India.

In December 2023, the lender had received an in-principle nod to initiate the process of listing the lender’s Mutual Fund arm.

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Canara Robeco AMC was established in 1993 and was known as Canbank Mutual Fund. In 2007, Canara Bank entered into a joint venture (JV) partnership with the Robeco group and the mutual fund was renamed Canara Robeco Mutual Fund.

 

Presently, Aditya Birla Sun Life Asset Management Company, HDFC Asset Management Company, Nippon Asset Management Company and UTI Asset Management Company are the listed mutual fund companies.