New Delhi, Sept. 30 -- Canara Bank share price rallied over 3% on Tuesday, rising for the second consecutive session amid strong buying interest. Canara Bank shares surged as much as 3.27% to Rs.124.45 apiece on the BSE.

The uptrend in Canara Bank shares follows the announcement that the bank's subsidiary, Canara Robeco Asset Management Company Ltd, has received approval from the Securities and Exchange Board of India (SEBI) for its Updated Draft Red Herring Prospectus (UDRHP).

The regulatory clearance for Canara Robeco AMC's updated DRHP marks a significant step towards the company's planned initial public offering (IPO), enabling it to advance to the next phase of the capital-raising process.

According to the DRHP, Canara Robeco AMC ...