Canara Bank Subsidiary Canara Robeco AMC Gets SEBI Nod for Updated DRHP

On September 29, 2025, Canara Bank informed stock exchanges that its subsidiary, Canara Robeco Asset Management Company Limited (Canara Robeco AMC), has received approval from the Securities and Exchange Board of India (SEBI) for its Updated Draft Red Herring Prospectus (UDRHP). This approval marks a significant step in the company’s journey towards a potential public offering.

SEBI Clears UDRHP of Canara Robeco AMC

The SEBI approval enables Canara Robeco AMC to move forward with its proposed Initial Public Offering (IPO) plans, subject to final filings and regulatory procedures. The UDRHP is a revised version of the draft red herring prospectus, reflecting updated financials, risk disclosures, and market conditions relevant to the proposed issue.

Canara Robeco AMC, one of India’s leading asset management companies, is jointly promoted by Canara Bank and Robeco Group. This move is likely part of a broader strategy by Canara Bank to unlock value from its non-banking subsidiaries and enhance shareholder wealth.

Communication with Exchanges

The announcement was formally communicated to both BSE Limited and the National Stock Exchange of India through a regulatory filing bearing reference number SD:255/256/11/12:2025-26. The letter dated September 30, 2025, confirmed the receipt of SEBI approval for the UDRHP on September 29, 2025, and was signed by Mr Santosh Kumar Barik, Company Secretary & Compliance Officer of Canara Bank.

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Next Steps in the IPO Process

With the UDRHP approved, the next phase involves filing the Red Herring Prospectus (RHP) with SEBI and finalising issue dates, pricing, and allotment structure. The IPO, once launched, will allow investors to participate in one of India’s oldest joint-venture AMCs with a strong track record in mutual fund offerings.

Conclusion

SEBI's approval of the Updated Draft Red Herring Prospectus marks a key milestone for Canara Robeco AMC. As the company prepares for its IPO, this move signals continued momentum in India's financial services sector, especially within the asset management industry.

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