Canara Bank News: There is good news for the shareholders of public sector giant Canara Bank. Movement can be seen in the stock of Canara Bank in the trading session of Friday 6 December 2024. The way has been cleared for the IPO of the bank’s subsidiary company, Canara Robecco Asset Management Company Ltd and Canara HSBC Life Insurance Company Ltd in the mutual fund space. Banking sector regulator Reserve Bank of India has approved the IPO of Canara Bank’s mutual fund and insurance company.
Canara Bank’s mutual fund and insurance company will have IPO
Canara Bank said in its regulatory filing near the stock exchange that on December 5, 2024, RBI has approved the bank to sell 13 percent stake in Canara Robeco Asset Management Company and 14.5 percent stake in Canara HSBC Life Insurance Company. Canara Bank will sell its stake in both the companies through their IPO. Canara Bank said that RBI has informed it that as per the relaxation received from the Government of India, the bank will have to reduce its stake in both the companies to 30 percent by October 31, 2029.
The process of bringing IPO will start
Canara Bank said that after getting this approval from RBI, it will now start the process of bringing IPO (Initial Public Offer) and will keep informing the stock exchange about the decision taken in this direction under the rules of SEBI. A year ago itself, on December 27, 2023, Canara Bank had said in its regulatory filing with the stock exchanges that the bank had in principle approved the listing on the stock exchange by launching the IPO of its mutual fund subsidiary Canara Robeco Asset Management Company Limited. Has given. In June 2024, Canara Bank had expressed its intention to launch an IPO of its insurance company Canara HSBC (Canara HSBC Life Insurance Company IPO).
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