Canara Robeco Asset Management Company (AMC), a subsidiary of Canara Bank, has received approval from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO).
IPO Details
The IPO will be structured entirely as an Offer-for-Sale (OFS) of 4.98 crore equity shares, with proceeds going entirely to the selling shareholders. No fresh capital will be raised for the company itself.
- Promoter Shareholding Offload:
- Canara Bank: 2.59 crore shares
- ORIX Corporation Europe NV: 2.39 crore shares
- Current Stakeholding:
- Canara Bank: 51%
- ORIX: 49%
The IPO is intended to facilitate the listing of Canara Robeco AMC on stock exchanges while allowing existing shareholders to monetize part of their holdings. The offering will be managed by SBI Capital Markets, Axis Capital, and JM Financial.
About Canara Robeco AMC
Originally established in 1993 as Canbank Investment Management Services, the AMC managed the assets of Canbank Mutual Fund, wholly owned by Canara Bank. In 2007, Canara Bank divested a 49% stake to ORIX Corporation Europe NV, and the company was rebranded as Canara Robeco Asset Management Company.
With SEBI approval in place, Canara Robeco AMC is now set to move forward with its IPO, marking a significant step in its corporate journey.
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