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The stake sale via IPO awaits approvals from the RBI, finance ministry, government, Canara Bank said in an exchange filing

(Bloomberg) -- India and Indonesia were once famously lumped together as part of Morgan Stanley’s “Fragile Five.” A decade later they are investor favorites.Most Read from BloombergGermany’s Days as an Industrial Superpower Are Coming to an EndTop Nigerian Banker Killed in California Helicopter CrashWhite House Calls Trump’s Remarks About NATO ‘Appalling’Trump Says War in Ukraine Must End Even as US Aid AdvancesThe outlook for the bonds and currencies of the two Asian behemoths has brightened fo

The original Fragile Five — which also included Turkey, South Africa and Brazil — referred to nations perceived to be most at risk due to their heavy reliance on foreign investment to drive growth. Improving finances — as reflected in credit-default swaps — show the markets view of India and Indonesia has swung almost 180 degrees since the term was coined in 2013.

"We wish to inform you that Canara Bank has in principle approved to initiate the process of listing its Mutual Fund Subsidiary Canara Robeco Asset Management Company Ltd, in the Stock Exchanges by way of an Initial Public Offer (IPO)," the state-owned lender said in a notification to exchanges.

When listed, Canara Robeco Asset Management Company will be the fifth mutual fund company to debut on bourses in India following the footsteps of HDFC AMC, Nippon Life India AMC, UTI Asset Management Company, and Aditya Birla Sun Life AMC.