Canara Robeco AMC IPO: Public sector giant Canara Bank is about to launch the IPO of its asset management company Canara Robeco. Canara Bank has disclosed this in its regulatory filing with the stock exchanges. While making this announcement, the bank said that Canara Bank has in principle approved the listing on the stock exchange by launching the IPO of its mutual fund subsidiary Canara Robeco Asset Management Company Limited.
Informing the stock exchanges after the close of the stock market, Canara Bank said, ‘We wish to inform that Canara Bank has in principle acquired mutual fund subsidiary Canara Robeco Asset after following the prescribed terms, appropriate timing and regulatory approvals. The IPO (Initial Public Offer) of Canara Robeco Asset Management Company Ltd has been approved for listing on the stock exchange.
Canara Bank said that the modalities of listing on the stock exchange will be decided later. The Bank will continue to make all material development related announcements in this regard as per the applicable rules. However, Canara Bank has not disclosed whether the IPO of Canara Robeco will be launched in 2024 itself or after that.
To launch an IPO, Canara Robeco Asset Management Company will first have to hire bankers to handle the IPO. After which it will have to seek approval to launch the IPO after filing the draft paper with the stock market regulator SEBI. Currently four asset management companies are listed on the stock exchange which include HDFC AMC, UTI AMC and Nippon Life India AMC and Aditya Birla Sun Life AMC.
Robeco is an asset management company of Netherlands with which Canara Bank has an agreement. As of November 30, 2023, Canara Robeco has a total of around 46 lakh customers and this AMC manages funds of more than Rs 80,000 crore.
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