Canara Bank (NSEI:CANBK) will sell a 13% stake in arm Canara Robeco Mutual Fund through an initial public offering of shares, and the lender has received the board?s consent for the same. This is, however, subject to approvals of the Reserve Bank of India, the finance ministry, and the government, Canara Bank said in an exchange filing. In December last year, Canara Bank board gave in-principle approval to initiate the process of listing the asset management arm.