PNB will list Canara HSBC Life Insurance IPO and divest 10% stake
HSBC and public sector Canara Bank are promoters of the life insurance company, which own 26 percent and 51 percent respectively. Photo credit: Ruby Sharma
Punjab National Bank (PNB) on Tuesday said it will sell 10 percent stake in Canara HSBC Life Insurance Company by listing the insurer on the stock exchanges.
Currently, PNB has a 23 percent stake in the insurance company.
The PNB board in its meeting held today approved initiating the process of dilution of 10 percent of the bank’s shares in Canara HSBC Life Insurance Co Ltd, an associate company of the bank, by listing the company on stock exchanges (BSE/NSE ) through an initial public offering (IPO).
The decision is subject to regulatory approval, PNB said in a filing with the regulator.
HSBC and public sector Canara Bank are promoters of the life insurance company, which own 26 percent and 51 percent respectively.
PNB is a shareholder with a 23 percent interest.
Shares of PNB fell 15.80 percent to close at Rs 115.35 on the BSE.
First print: June 4, 2024 | 6:20 PM IST