By Jomy Jos Pullokaran Dec 28, 2023 11:02:17 AM IST (Updated)
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State-owned Canara Bank on Wednesday (December 26) said it has granted in-principle approval to initiate the process of listing its mutual fund subsidiary, Canara Robeco Asset Management Company Ltd, on the stock exchanges through an initial public offering (IPO).
"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 an Initial Public Offer (IPO), subject to the following the due diligence, laid down procedures, opportune time, regulatory approvals, etc," the bank said in a regulatory filing.
"The modalities of listing will be decided in due course. The bank will make further announcements of all material developments with regard to the same, as and when required, as per applicable regulations," the bank noted.
Canara Robeco is India’s second oldest asset manager in existence since 1993 when it was known as Canbank Mutual Fund. In 2007, Canara Bank partnered with Robeco Group by way of a joint venture, and the mutual fund was renamed Canara Robeco Mutual Fund.
Shares of Canara Bank Ltd ended at ₹432.40, up by ₹7.35, or 1.73%, on the BSE.
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