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Informist, Tuesday, Oct. 29, 2024

 

By Richard Fargose

MUMBAI – Despite recent volatility in equity markets, Canara Bank is hopeful of an initial public offering of Canara Robeco Asset Management Co in Jan-Mar, said K. Satyanarayana Raju, managing director and chief executive officer of the bank.

 

"The RFP (request for proposal) process is complete for the appointment of merchant bankers, and we are awaiting the DFS (the Department of Financial Services) approval, which we are expecting may be within a fortnight and then the whole process will start,” K. Satyanarayana Raju said while interacting with the media.

 

In March, the bank's board of directors approved diluting 13% stake in Canara Robeco Asset Management Co through an initial public offering. If Canara Robeco AMC is listed, it would be the fifth listed asset management company in India. Canara Robeco Asset Management Co is a joint venture between Canara Bank with 51% stake and the remaining 49% held by ORIX Corporation, previously known as Robeco Group.

Earlier Tuesday, Canara Bank reported a net profit of INR 40.15 billion for the September quarter, up 11.3% on year, beating analysts' estimate of INR 37.73 billion. On Tuesday, shares of Canara Bank closed 3.1% higher at INR 103.76 rupees on the National Stock Exchange.  End

 

Edited by Vidhi Verma

 

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