Canara Bank gives in-principle nod to MF unit Canara Robeco AMC to float IPO; shares rise

Canara Bank share price NSE, Canara Robeco AMC IPO: Canara Bank shares jumped on Thursday, extending gains to a second straight day, after the Bangalore-based public sector bank’s board gave in-principle approval to its mutual fund subsidiary, Canara Robeco AMC, to float an initial public offer (IPO).

Canara Bank share price NSE, Canara Robeco AMC IPO: Canara Bank shares jumped on Thursday, extending gains to a second straight day. Image: Pixabay/ Representational Image

Canara Bank share price NSE, Canara Robeco AMC IPO: Canara Bank shares jumped on Thursday, extending gains to a second straight day, after the Bangalore-based public sector bank’s board gave in-principle approval to its mutual fund subsidiary, Canara Robeco AMC, to float an initial public offer (IPO). The Canara Bank stock gained as much as 3.2 per cent to Rs 446.7 apiece on NSE. Canara Bank ended at Rs 439.85, up by Rs 7.35 or 1.7 per cent on NSE.

"We wish to inform you that Canara Bank has in-principle approved to initiate the process of listing its Mutual Fund Subsidiary Canara Robeco Asset Management Company Ltd, in

the Stock Exchanges by way of Initial Public Offer (IPO), subject to following the due diligence, laid down procedures, opportune time, regulatory approvals etc," the PSU bank said in a regulatory filing.

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"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.," it said.

Canara Bank share price history

Canara Bank's stock has given a positive return of over 35 per cent in the last 12 months (from December 29, 2022). In comparison, the headline index Nifty 50 has rallied nearly 20 per cent.

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