PNB sells 10% stake in Canara HSBC Life

The divestment involved the sale of 9.5 crore shares.

The Punjab National Bank (PNB) said it will sell its 10% share in Canara HSBC Life Insurance Company, it said in a local bourse filing.

This would mean that the bank’s share would fall decrease from 23% to 13%.

According to PNB’s stock exchange filing, the divestment involved the sale of 9.5 crore shares at ₹106 each, raising about $0.1b (₹10.1b) in cash.

The sale was completed on 17 October and involved public investors.

PNB confirmed that the transaction was not a related-party deal and was conducted at arm’s length.

For the financial year ended 31 March 2025, Canara HSBC Life Insurance reported income of $1.2b (₹107.3b), expenses of $1.2b (₹106.0b), and a net profit of $0.0b (₹1.2b). Its net worth stood at $0.2b (₹15.2b).

($1.00 = ₹88.23)