Canara Bank on December 27 said it is going to list its mutual fund subsidiary. The lender did not comment on the timeline for the same.
“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.
When listed, this will be the fifth mutual fund company to list in India following HDFC AMC, Nippon Life India AMC, UTI Asset Management Company, and Aditya Birla Sun Life AMC.
The modalities of listing will be decided in due course, Canara Bank said.
"The bank will make further announcements of all material developments with regard to the same, as and when required, as per applicable regulations," it added.
Established in 1993 as Canbank Mutual Fund, it was renamed as Canara Robeco Mutual Fund in 2007 after Canara Bank entered into a partnership with Dutch asset manager Robeco Group.
As of November 2023, Canara Robeco Mutual Fund manages assets worth Rs 78,398.51 crore.
Earlier in the day, shares of Canara Bank ended the day at Rs 432.60, up about 2 percent.
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