Canara Bank’s shares surged up to 3% to Rs 446.65 following the announcement of in-principle approval for the IPO listing of its mutual fund subsidiary, Canara Robeco Asset Management Company.
At the time of writing Canara Bank’s shares were trading at Rs 442.20 which is a 2.24% increase than the previous close.
The PSU lender revealed its intention to list Canara Robeco AMC on stock exchanges via an IPO, subject to due diligence, regulatory approvals, and other procedures.
The specific details and modalities for the IPO listing will be determined in due course.
Established in 1993, Canara Robeco MF, formerly Canbank Mutual Fund, became Canara Robeco Mutual Fund in 2007 through a joint…
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