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Informative

PNB approves diluting 10% stake in Canara HSBC Life Insurance Company

Update / Judgement Date

03 Jun 2024

Source

CNBC TV18

Author

Team — WCP Legal Desk

Reading Time

1 min read

Insurance

PNB's board has sanctioned a 10% stake dilution in Canara HSBC Life Insurance through an IPO, pending regulatory nods. PNB acquired the stake post the amalgamation of OBC, which held a 23% share in the insurer. Canara Bank holds 51%, and HSBC Insurance (Asia Pacific) Holdings Ltd holds 26%. \r


Despite PNB shares trading with nearly 15% losses on Tuesday, they've gained 20% this year.