Canara Robeco IPO, May 1 -- Canara Robeco Asset Management Company, the mutual fund arm of state-run lender Canara Bank, has filed draft papers for its initial public offering (IPO) with the capital markets regulator Securities & Exchange Board of India (SEBI).

Canara Robeco IPO will be completely an offer for sale (OFS) of 4.98 crore equity shares by promoters with no fresh issue component, according to the Draft Red Herring Prospectus (DRHP).

Under the OFS, Canara Bank is set to divest 2.59 crore equity shares, while ORIX Corporation Europe N.V. (formerly known as Robeco Groep N.V.) plans to sell 2.39 crore shares.

Canara Bank possesses a 51% interest in Canara Robeco Asset Management Company, whereas Orix Corporation controls the re...