Punjab National Bank (PNB) has received board approval for initiating the method to dilute 10% stake in Canara HSBC Life Insurance Company by itemizing the insurer by an preliminary public provide.
The proposed transfer will probably be topic to regulatory approvals and the modalities of the difficulty and different formalities will probably be determined in due course, the financial institution mentioned on Tuesday. The submitting by PNB comes shut on the heels of Canara Bank in accordance approval for initiating the method of diluting 14.50% stake in the insurer. “The same shall be subject to approval of Reserve Bank of India and Department of Financial Services, Government of India. The size of the issue, opportune time and modalities of issue will be decided in due course,” Canara Bank mentioned.
Canara HSBC Life Insurance Company is a three way partnership promoted by Canara Bank (51%) and HSBC Insurance (Asia Pacific) Holdings (26%). PNB holds 23% as an investor.
