MUMBAI – Canara Bank on Wednesday said that it has given in-principle approval to initiate the process of listing its mutual fund subsidiary Canara Robeco Asset Management Company through an initial public offering of shares.
“The modalities of listing will be decided in due course,” the state-owned lender said in a notification to exchanges.
Incorporated in 1993, Canara Robeco MF was earlier known as Canbank Mutual Fund. In 2007, Canara Bank partnered with Robeco group through a joint venture and the mutual fund was renamed as Canara Robeco Mutual Fund.
If Canara Robeco AMC gets listed, it will be the fifth listed asset management company in India.
Currently, Aditya Birla Sun Life AMC, HDFC Asset Management, Nippon Life India Asset Management, and UTI Asset Management are the four listed mutual funds in India.
As of November 2023, Canara Robeco had Rs 80,301 crore worth of assets under management.
On Wednesday, shares of Canara Bank ended 1.7% up on the National Stock Exchange at
Rs 432.50.
