PNB to float Canara HSBC Life Insurance IPO, will divest 10% stake

Punjab National Bank (PNB) on Tuesday said it will sell 10 per cent stake in Canara HSBC Life Insurance Company by listing the insurer on the stock exchanges. Currently, PNB holds 23 per cent in the insurance firm.PNB's board in its meeting held today has accorded its approval for initiating the process of diluting 10 per cent stake of the bank in Canara HSBC Life Insurance Co Ltd, an associate company of the Bank, by listing the Company in Stock Exchanges (BSE/NSE) through Initial Public Offer (IPO).HSBC and public sector Canara Bank are promoters of the life insurance company holding 26 per cent and 51 per cent, respectively. PNB is a shareholder with 23 per cent stake. Shares of PNB fell 15.80 per cent to close at Rs 115.35 on the BSE.