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Informist, Monday, Oct. 6, 2025

NEW DELHI – The initial public offering of Canara HSBC Life Insurance Co. Ltd. will open on Friday and close on Oct. 14, according to its red herring prospectus. The anchor investment bidding will take place on Thursday.

Canara HSBC Life will be the second subsidiary of Canara Bank whose public issue opens this week. Canara Robeco Asset Management Co. Ltd.'s public issue will open on Thursday and will close on Oct. 13.

The life insurance company's initial public offering will be for 237.50 million equity shares of face value of INR 10 each. Of this, Canara Bank is offering 137.75 million shares and HSBC Insurance (Asia-Pacific) Holdings Ltd. is offering 4.75 million shares. Punjab National Bank is offering 95 million shares in the issue.

Canara HSBC Life had reported a net profit of INR 234.13 million for the June quarter, up 25% on year. Assets under management of the company were INR 436.39 billion as of end-June. (Shubham Rana)

IPO Alert: Canara HSBC Life Insurance Co gets SEBI OK for updated DRHP

Informist, Friday, Oct. 3, 2025

MUMBAI – Canara HSBC Life Insurance Co. Ltd. got approval from the Securities and Exchange Board of India for its updated draft red herring prospectus, promoter Canara Bank informed exchanges Friday. The life insurer had filed an updated draft red herring prospectus with the regulator on Sept. 26.

On Sept. 15, SEBI had given its final observations on the proposal and directed Canara HSBC Life Insurance to file an updated red herring prospectus, Canara Bank had said. The promoter bank had planned to list its life insurance subsidiary in the Oct-Dec quarter and raise INR 10 billion from the stake sale, based on market conditions. The state-owned lender holds 51% in Canara HSBC Life Insurance.

The earlier draft document from April was for an initial public offer comprising solely an offer for sale of 237.50 million shares. Each share had a face value of INR 10. The offer comprised 137.75 million equity shares held by Canara Bank and up to 4.75 million held by HSBC Insurance (Asia-Pacific) Holdings Ltd., both promoters. It also included 95 million shares held by Punjab National Bank as an investor of the company. None of the proceeds would go to the life insurance firm, and instead go to the selling shareholders, the earlier draft offer document said.

Canara Bank's mutual fund subsidiary also got SEBI's approval to list on exchanges in late September after filing an updated draft prospectus. The lender's net profit for the June quarter rose 22% on year to INR 47.52 billion. At 1314 IST, shares of Canara Bank were at INR 125.81 on the National Stock Exchange, up 1.7% from the previous close, while Punjab National Bank's shares were up 1.5% at INR 114.28.  (Janwee Prajapati)

IPO Alert: Canara HSBC Life Insurance files updated DRHP with SEBI

Informist, Friday, Sept. 26, 2025

MUMBAI – Canara HSBC Life Insurance Co. Ltd., Friday filed an updated draft red herring prospectus with the Securities and Exchange Board of India, majority shareholder Canara Bank informed stock exchanges. The new prospectus was not yet available on the regulator's website. The life insurer had initially filed its draft papers with SEBI on Apr. 28.

On Sept. 15, Canara Bank said SEBI had given its final observations on the proposal and directed Canara HSBC Life Insurance to file an updated red herring prospectus. The promoter bank had planned to list its life insurance subsidiary in the Oct-Dec quarter, and raise INR 10 billion from the stake sale, based on market conditions. It holds 51% in Canara HSBC Life Insurance.

The earlier draft document from April was for an initial public offer comprising solely an offer for sale of 237.50 million shares. Each share had a face value of INR 10. The offer comprised 137.75 million equity shares held by Canara Bank and up to 4.75 million held by HSBC Insurance (Asia-Pacific) Holdings Ltd., both promoters. It also included 95 million shares held by Punjab National Bank as an investor of the company. None of the proceeds would go to the life insurance firm, and instead go to the selling shareholders, the earlier draft offer document said.

Canara Bank's net profit for the June quarter rose 22% on year to INR 47.52 billion. At 1415 IST, shares of Canara Bank were at INR 117.89 on the National Stock Exchange, down 2.9% from the previous close. Punjab National Bank's shares were down 3.5% at INR 107.51. (Janwee Prajapati)

IPO Alert: Canara HSBC Life files draft papers with SEBI for OFS

Informist, Monday, Sept. 15, 2025

MUMBAI – Canara HSBC Life Insurance Co. Ltd. has filed a draft red herring prospectus with the Securities and Exchange Board of India for an initial public offer which is solely an offer for sale of 237.50 million shares with a face value of INR 10 each. The offer for sale includes up to 137.75 million equity shares held by Canara Bank and up to 4.75 million shares held by HSBC Insurance (Asia-Pacific) Holdings Ltd., promoters of the company. It also includes 95 million shares by Punjab National Bank, an investor.

The company will not receive any proceeds from the Offer and all the proceeds will be received by the selling shareholders after deduction of offer-related expenses and relevant taxes thereon, to be borne by the selling shareholders. According to the prospectus, any termination or adverse change in the bancassurance arrangements, especially Canara HSBC's distribution agreement with Canara Bank, or HSBC India, pose a risk to the business. Complex regulatory requirements and any adverse change in regulations or failure to comply with the requirements could also disrupt business operations or expose the company to significant penalties. 

SBI Capital Markets Ltd., HSBC Securities and Capital Markets (India) Pvt. Ltd., JM Financial Ltd., and Motilal Oswal Investment Advisors Ltd. are the book running lead managers for the offer.  End

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