The company incorporated SEBI’s observations into the DRHP to meet regulatory requirements before submitting the final RHP to the Registrar of Companies. The IPO, filed originally on April 28, comprises entirely an offer-for-sale (OFS) of up to 23.75 crore equity shares, with no fresh issue component.
Promoters Canara Bank and HSBC Insurance (Asia-Pacific) Holdings, along with investor Punjab National Bank, will act as selling shareholders, with the entire proceeds, excluding offer expenses, going to them.
Canara Bank and HSBC Insurance hold 51% and 26% stakes, respectively, while Punjab National Bank owns the remaining 23%.The book running lead managers for the IPO are SBI Capital Markets, BNP Paribas, HSBC Securities & Capital Markets (India), JM Financial, and Motilal Owal Investment Advisors.
Separately, SEBI last week approved the IPO of Canara Robeco Asset Management Company by issuing its observation letter on September 10.
Canara Robeco had filed its draft papers on April 24 for a 100% OFS of 4.98 crore shares by promoters Canara Bank and foreign promoter ORIX Corporation Europe NV.
