Trilegal advised on the proposed IPO of Canara HSBC Life Insurance Company Limited
The Leading Law firm in India, Trilegal advised on the proposed initial public offering of equity shares (“IPO”) by Canara HSBC Life Insurance Company Limited (“CHL”), comprising an offer for sale of 237,500,000 equity shares aggregating to ₹25,159.50 million.
The promoters of CHL, Canara Bank and HSBC Insurance (Asia-Pacific) Holdings Limited, and the investor, Punjab National Bank, participated in the offer for sale and divested a part of their stake in CHL.
As the first life insurance IPO under IRDAI’s revised capital raising framework, this landmark transaction set crucial regulatory precedents through coordinated engagement with IRDAI, RBI, and SEBI.
CHL is a private life insurer in India promoted by Canara Bank, the fourth largest public sector bank by total assets in India, and HSBC Insurance (Asia-Pacific) Holdings Limited, a member of The Hongkong and Shanghai Banking Corporation Limited group. CHL had the third highest assets under management among public sector-promoted life insurers and ranks among the top five bank-led life insurers in India.
Trilegal advised the syndicate of book running lead managers, namely SBI Capital Markets Limited, BNP Paribas, HSBC Securities & Capital Markets (India) Private Limited, JM Financial Limited, and Motilal Oswal Investment Advisors Limited.
The Trilegal Capital Markets team was led by Richa Choudhary (Partner), and supported by Maitreya Rajurkar (Counsel), Sanya Chaudhari (Senior Associate), Shivayana Balodia (Senior Associate), Siddhant Mishra (Associate), Deepanshu Agarwal (Associate), and Yatin Shikarpuri (Associate).
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