Indian stock market Another company has started preparing for the list. Canara HSBC Life Insurance Limited has filed initial documents with Capital Market Regulator SEBI to bring IPOs. The company has chosen the same way a few days after the Robco Asset Management Company (AMC) has filed a document for the IPO for the IPO with the Rabco Asset Management Company (AMC). According to the documents submitted with SEBI on Monday, a total of 23.75 crore shares will be issued through OFS by IPO promoters and an investor of Canara HSBC Life Insurance Company like Canara Robco AMC. This IPO will be fully OFS based.
Canara Bank will sell 13.77 crore shares through IPO
Through IPO, Canara Bank will sell its 13.77 crore shares through this IPO, HSBC Insurance (Asia-Pacific) Holdings Limited will sell 47.5 lakh shares and Punjab National Bank is planning to sell 9.5 crore shares. The company will not get any income from public issue due to IPS being fully OFS.
Canara Bank has 51% stake of Canara HSBC Life Insurance Company
Canara is a joint venture promoted by HSBC Life Insurance Company, Canara Bank. Canara Bank holds a 51 percent stake in Canara HSBC Life Insurance and HSBC Group has a 26 percent stake with HSBC Insurance (Asia Pacific) Holdings. Let us tell you that Canara HSBC Life Insurance Company was formed in 2007. It has emerged as a major bank-led private company in the Indian life insurance sector.
Canara Robco Asset Management submitted documents on Thursday
Canara Robco Asset Management submitted documents for its IPO last week with SEBI. The IPO of Canara Robco Asset Management will also be fully OFS based, under which 4.98 crore shares will be issued. Under OFS, the company’s promoter Canara Bank 2.59 crore shares and Orix Corporation Europe NV. (Earlier Robco Group was known as NV) Sell 2.39 crore shares. Canara Bank holds a 51 percent stake in Canara Robco Asset Management Company, while Orix Corporation holds all the remaining 49 percent stake in AMC.
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