The approval from the Union Department of Financial Services for the Initial Public Offering (IPO) of Canara Robeco Asset Management Company (AMC) is expected in fortnight, said Canara Bank's Managing Director and Chief Executive Officer, K Satyanarayana Raju.
“RFP process is completed for Canara Robecco AMC IPO. The timeline will remain same for an IPO. DFS approval is expected in fortnight's time,” Raju said while addressing Moneycontrol’s question during the post-earning call.
The lender holds a 51 percent stake in the AMC, according to the bank’s investor presentation. It planned to sell 13 percent equity by taking the mutual fund subsidiary public, the lender told the exchanges in March.
Canara Bank had in last December given an in-principle approval to start the process of listing its mutual fund subsidiary by way of an initial share sale.
On July 25, Moneycontrol reported that initial public offering (IPO) of Canara Robeco Asset Management Company is expected to be launch in the fourth quarter of the current financial year.
In July-September quarter, Canara Robeco AMC has reported a Rs 80.26 crore net profit. Of this, the share of Canara Bank is 40.93 crore.
The lender is also planning to list Canara HSBC Life Insurance Company in the first quarter of the next financial year.
The bank holds a 51 percent stake in the insurance company.
Canara Bank had on May 31 approved a proposal to dilute 14.5 percent stake in the insurance arm via IPO.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
