Punjab National Bank (PNB) has divested 10% of its stake in Canara HSBC Life Insurance Company Limited , reducing its shareholding from 23% to 13%, the lender said in a regulatory filing on Wednesday.

The divestment was executed through an offer for sale (OFS) during Canara HSBC Life’s initial public offering, which opened earlier this month.

PNB raised around ₹1,007 crore by selling 9.5 crore shares at ₹106 per share, according to details enclosed in the bank’s filing.

The buyers were members of the public, and the transaction does not qualify as a related-party transaction, the bank clarified. The OFS took place on October 17, 2025, coinciding with the insurer’s market debut.

Shares of Canara HSBC Life Insurance listed flat at ₹106 on both the NSE and BSE, matching the issue price

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