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Banking regulator Reserve Bank of India (IPO) has given its nod to Canara Bank to divest its shareholding in Canara Robeco Asset Management Company Ltd and Canara HSBC Life Insurance Company by 13% and 14.5% respectively through Initial Public Offer (IPO).
In its filing to the exchanges on Thursday, the state-lender informed about receiving a letter from RBI on the same. Further, the Indian central bank has intimated the Canara Bank that it is required to adhere to the October 31, 2029 timeline for bringing its stake in these entities up to 30% in accordance with the exemption granted by the Government of India.
Following this, Canara Bank said that it will initiate the process of IPO and will keep the exchanges informed about the material developments in this regard.
More to come…
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