Mumbai:Canara HSBC Life Insurance Co., Ltd. has submitted a preliminary paper to Capital Markets regulator SEBI for a floating initial public offering (IPO).
According to the report of the Red Draft
Herring Prospectus (DRHP). According to OFS, state-owned CANARA Bank will sell 13.77 billion shares, HSBC Insurance Corporation (Asia Pacific) Holdings Ltd will offload 4.75 million shares and Punjab National Bank plans to divest 95 million shares.
Since it is OFS, the insurance company will not receive any benefits from the public offering.
Canara HSBC Life Insurance Company is a joint venture promoted by Canara Bank, which owns 51% stake and HSBC Insurance Company (Asia Pacific) owns 26% stake.
In December 2024, Canara Bank announced it had obtained approval from the Reserve Bank to deprive the bank of its shares in life insurance and mutual fund enterprises. Recently, Canara Robeco Asset Management Corporation (AMC) also submitted a draft IPO document to SEBI.
