Canara HSBC Life Files For IPO

Mumbai: Canara HSBC Life Insurance Company Limited, a prominent bank led private player in the Indian life insurance sector, has filed its Draft Red Herring Prospectus (DRHP) with SEBI for an IPO.

The offer comprises an offer for sale of up to 237,500,000 equity shares of face value of Rs 10 each, (The “Offer for Sale”) including up to 137,750,000 equity shares by Canara Bank (“Promoter Selling Shareholder”); up to 4,750,000 equity shares by HSBC Insurance (Asia-Pacific) Holdings Limited (“Promoter Selling Shareholder”); and up to 95,000,000 equity shares by Punjab National Bank (“Investor Selling Shareholder”).