The IPO is a complete offer-for-sale (OFS) of 23.75 crore equity shares by promoters and an investor, according to the draft red.
Mumbai:Canara HSBC Life Insurance Company Ltd has filed preliminary papers with capital markets regulator Sebi to float an initial public offering (IPO).
The IPO is a complete offer-for-sale (OFS) of 23.75 crore equity shares by promoters and an investor, according to the draft red
herring prospectus (DRHP). Under the OFS, state owned Canara Bank will sell 13.77 crore equity shares, HSBC Insurance (Asia-Pacific) Holdings Ltd will offload 47.5 lakh shares and Punjab National Bank plans to divest 9.5 crore equity shares.
Since it is an OFS, the insurance company will not receive any proceeds from the public issue.
Canara HSBC Life Insurance Company is a joint venture promoted by Canara Bank, which holds a 51 per cent stake, and HSBC Group's HSBC Insurance (Asia Pacific) Holdings, which owns 26 per cent.
In December 2024, Canara Bank announced that it got Reserve Bank's approval for a proposal to divest the bank's stake in life insurance and mutual fund ventures. Recently, Canara Robeco Asset Management Company (AMC) has also filed draft IPO papers with Sebi.
