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19 Nov 2024
Bengaluru-headquartered Canara Bank on Friday said it has approved initiating the process of diluting a 14.50% stake in its subsidiary, Canara HSBC Life Insurance Company, via an initial public offering (IPO), according to an exchange notification.
The IPO is subject to approval of the Reserve Bank of India (RBI) and the department of financial services (DFS), the lender said.
“The size of the issue, opportune time and modalities of issue will be decided in due course. The bank will update the exchanges of all material developments with regard to the same, as and when required, as per applicable regulations,” the notice said.
FE first reported in January quoting managing director and CEO K Satyanarayana Raju that the bank is keen on listing its two subsidiaries ― Canara Robeco AMC and Canara HSBC Life Insurance ― in FY25.
Further, the bank also approved raising up to `4,000 crore via additional tier-I (AT-1) bonds in FY25, and `4,500 crore via tier-II bonds in the current financial year.
Shares of Canara Bank ended trading 3% higher at Rs 118 apiece on the BSE on Friday.
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