News From Press RBI approves Canara Bank's stake sale in MF, insurance subsidiaries via IPO

RBI approves Canara Bank's stake sale in MF, insurance subsidiaries via IPO

Source: BS Dec 6, 2024

The Reserve Bank of India (RBI) has approved Canara Bank's stake sale in its mutual fund and insurance arms through an Initial Public Offering (IPO), the state-owned lender said on Thursday.

“Reserve Bank of India vide its letter dated 5th December 2024 has accorded approval to our Bank for divesting its shareholding in Canara Robeco Asset Management Company Ltd and Canara HSBC Life Insurance Company Ltd by 13 per cent and 14.5 per cent respectively through Initial Public Offer,” the bank said in a stock exchange filing.

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