Canara Bank Shares: Gains 2% on RBI approval to AMC, IPO

Canara Bank shares rose 1.99 per cent to ₹110.30 at 10.59 am today on the BSE, after getting approval from Reserve Bank of India (RBI) to sell shares in its asset management and life insurance businesses through an IPO.

According to abusiness line report, the bank received an approval from the RBI to divest a portion of its holdings in Canara Robeco Asset Management Company and Canara HSBC Life Insurance Company through an initial public offering (IPO).

Furthermore, the bank plans to sell 13 per cent and 14.5 per cent of its shares in these companies, respectively. The RBI has also mandated that Canara Bank reduce its stake in these entities to 30 per cent by October 31, 2029.