NEW DELHI: Bengaluru-based public sector lender Canara Bank has said its board has given in-principle approval to initiate the process of listing its mutual fund subsidiary Canara Robeco Asset Management Company in the stock exchanges by way of Initial Public Offer (IPO).
“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 said in a regulatory filing.
Canara Robeco Asset Management Company is the 15th largest mutual fund house in the country with total asset under management of Rs 74,916 crore. The AMC made Rs 79 crore profit in 2022-23 on total revenue of Rs 203 crore.
Canara Bank holds a majority 51% stake in the mutual fund subsidiary. The rest of 49% is held by Orix Corporation Europe. Currently only four asset management companies – HDFC AMC, Aditya Birla Sun Life AMC, Nippon Life Asset Management and UTI AMC – are listed on Indian bourses.