Equity shares are proposed to be listed on BSE and NSE.
Asset Management Company, Canara Robco Asset Management Company is preparing to bring an initial public offer (IPO). For this, the company has submitted the initial documents with the Capital Market Regulator SEBI. According to PTI news, according to the draft Red Herring Prospectus (DRHP) filed on Thursday, the IPO is completely offered by the promoters to sell 4.98 crore equity shares (OFS), with no new issue components.
Canara Bank has 51 percent stake
According to the news, the Asset Management Company has filed a draft document at a time when the IPO market is undergoing recession due to fluctuations in the equity market. Under OFS, Promoter – Canara Bank and Orix Corporation Europe N.V. (Earlier Robco Group was known as NV) – will sell 2.59 crore and 2.39 crore shares respectively. Canara Bank holds a 51 percent stake in Canara Robco Asset Management Company, while Orix Corporation holds the rest of the AMC.
The company will not get the money
The IPO is completely OFS (Open for Sale), so the company will not get any amount from public issue, and will go to the income sales shareholders. Canara Robco Asset Management Company is the second oldest asset manager in the country. The government bank started the company in 1993, partnership with Roboco, which is now part of the Orrix. Its primary activities include management of mutual funds and providing investment advice on Indian equity.
Company property
As of 31 December, 2024, Canara Robco Asset Management Company manages 25 schemes including 12 equity schemes, 10 loan schemes and three hybrid schemes, whose property (AUM) is Rs 1.08 lakh crore under quarterly average management. The company has a multi-channel sales and distribution network that allows it to provide products and services to its customers.
Who is the book-hanging lead manager
SBI Capital Markets, Axis Capital and JM Financial are the book-hanging lead managers of this issue for this issue. Equity shares are proposed to be listed on BSE and NSE. In December 2024, Canara Bank announced the approval of the Reserve Bank of India for a proposal to sell the bank’s stake in life insurance and mutual fund undertakings.
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