Canara Bank on Friday approved an initiative of process of diluting its 14.50 per cent stake in its subsidiary Canara HSBC Life Insurance Company Ltd.
“The bank has accorded approval for initiating the process of diluting 14.50 per cent stake of the Bank in its subsidiary Canara HSBC Life Insurance by listing the company in Stock Exchange (BSE/NSE) through initial public offer (IPO). The same shall be subject to approval of Reserve Bank of India and Department of Financial Services, Government of India,” stated the lender in an exchange filing.
The modalities of issues, size of the issue, and opportune time will be decided in due course, it added.
This announcement came post market hours today. Shares of Canara Bank settled 2.56 per cent higher, reaching Rs. 118.
Earlier in the day, the Board approved raising of Rs. 8,500 crore via debt instruments for the financial year 2024-25.
