Canara Robeco AMC IPO planned

Canara Bank plans to sell off 13 percent equity shares in Canara Robeco Asset Management Company (CRAMC) by taking the mutual fund subsidiary public.

The public sector lender in a filing to exchanges said it has given the approval to kick off the process for diluting 13 percent stake through an IPO.

The proposed IPO, however, remains subject to approval from the Reserve Bank of India and the department of financial services under the ministry of finance, Government of India, it added.

Canara Robeco Asset Management Company will be the fifth listed mutual fund house if it gets listed on the bourses. (Updated on 29 March 2024 @ 7.10 am)