Additional particulars on the itemizing of the mutual fund enterprise might be offered sooner or later, the financial institution stated.
Shares of Canara Financial institution jumped over 3 % in early commerce on December 28 after the corporate gave an in-principle nod to provoke the itemizing technique of its mutual fund subsidiary, Canara Robeco Asset Administration Firm by an preliminary public providing.
The corporate will present additional particulars of the itemizing within the due course, the lender said in an trade submitting.
At 10.23 am, shares of Canara Financial institution have been buying and selling 2.2 % larger at Rs 441.95 on the Nationwide Inventory Change.
The information additionally triggered a spike in volumes within the counter as 77 lakh shares modified fingers, larger than the one-month each day traded common of 75 lakh shares. In the meantime, shares of Canara Financial institution have additionally surged 33 % year-to-date.
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The lender’s mutual fund enterprise was established in 1993 as Canbank Mutual Fund and was later renamed in 2007 as Robeco Mutual Fund after Canara Financial institution entered right into a partnership with Dutch asset supervisor Robeco Group.
As of November 2023, Canara Robeco Mutual Fund managed belongings price Rs 78,398.51 crore.
Put up its itemizing, Canara Robeco Asset Administration Firm would be the fifth mutual fund firm to debut on bourses in India following the footsteps of HDFC AMC, Nippon Life India AMC, UTI Asset Administration Firm, and Aditya Birla Solar Life AMC.
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