News Life and Health07 Jun 2024

India:Punjab National Bank eyes IPO of Canara HSBC Life

| 07 Jun 2024

Punjab National Bank (PNB) has announced that it will sell a 10% stake in Canara HSBC Life Insurance Company in an initial public offer of shares in the insurer.

The PNB move follows on the heels of the approval given by the board of Canara Bank on 31 May for the sale of a 14.50% stake in the life insurance company through an IPO. 

Currently, PNB holds 23% of the equity of the insurance company. PNB's board gave the green light on 4 June to start the process to divest the 10% stake. PNB acquired its stake in Canara HSBC Life following the amalgamation of the erstwhile Oriental Bank of Commerce (OBC), which had held the 23% stake.

HSBC Insurance (Asia Pacific) Holdings and public-sector Canara Bank are promoters of the life insurance company, holding 26% and 51% of the insurer respectively.

The listing of Canara HSBC Life will be on the Bombay Stock Exchange and the National Stock Exchange. The IPO is subject to securing the necessary regulatory approvals.

 

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