SEBI approves Canara HSBC Life to submit a revised DRHP for an IPO.

After receiving final observations from SEBI, Canara HSBC Life Insurance Company, a private life insurer and Canara Bank affiliate, is now able to submit an updated Draft Red Herring Prospectus (UDRHP) for its initial public offering (IPO). In order to comply with regulatory requirements, the company included SEBI's views into the DRHP prior to submitting the final RHP to the Registrar of Companies. There is no fresh issue component to the IPO, which was first filed on April 28 and consists solely of an offer-for-sale (OFS) of up to 23.75 crore equity shares. The full proceeds, less offer fees, will go to the investors Punjab National Bank and promoters Canara Bank and HSBC Insurance (Asia-Pacific) Holdings, who will act as selling shareholders.