Canara HSBC Life Insurance gets SEBI nod to file updated RHP for IPO

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26 Aug, 2025 12:21

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Private life insurer Canara HSBC Life Insurance Company, a subsidiary of Canara Bank, has received approval from the capital markets regulator SEBI on September 15 to go ahead with plans related to its IPO.

The PSU bank informed exchanges on Monday that Canara HSBC Life Insurance Company has received final observations on its draft papers, allowing for filing Updated Red Herring Prospectus (UDRHP).

The company incorporates SEBI's observations on its DRHP to meet the regulatory requirements and files UDRHP with the regulator before the filing of final RHP with the Registrar of Companies for initial public offering (IPO).

Canara HSBC Life Insurance Company filed DRHP with the regulator on April 28 this year for its IPO, which consists of entirely an offer-for-sale of up to 23.75 crore equity shares with no fresh issue component.

Promoters Canara Bank and HSBC Insurance (Asia-Pacific) Holdings, and investor Punjab National Bank will be the selling shareholders in the IPO. This means the entire IPO proceeds, excluding offer expenses, will go to these selling shareholders.

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Canara Bank and HSBC Insurance hold 51 percent and 26 percent stakes, respectively in the private life insurer, while the remaining 23 percent shares are owned by Punjab National Bank.

The book running lead managers handling the Canara HSBC Life Insurance Company IPO are SBI Capital Markets, BNP Paribas, HSBC Securities & Capital Markets (India), JM Financial, and Motilal Oswal Investment Advisors.

Meanwhile, last week, the SEBI has given green signal for asset management company Canara Robeco Asset Management Company's IPO by issuing observation letter on its preliminary papers on September 10.

Canara Robeco has filed draft papers with the regulator on April 24 this year to raise funds via IPO which consists of entirely an offer-for-sale (OFS) of 4.98 crore shares by promoters Canara Bank, and foreign promoter ORIX Corporation Europe NV.