Canara HSBC Life Insurance Gets Board's Nod to Raise Up to INR2.5 Billion via Debt Offering

MT Newswires Live03-06 13:21

Canara HSBC Life Insurance Company (NSE:CANHLIFE, BOM:544583) has received approval from its board to raise up to 2.50 billion Indian rupees through the issue of non-convertible debentures on a private placement basis, according to a Friday filing to the Indian stock exchanges.

The company will issue 25,000 unsecured, subordinated, listed, rated, redeemable, non-cumulative, fully paid-up, non-convertible debentures, each having a face value of 100,000 rupees for a nominal value.

The tenure of the debentures will be 10 years from the date of allotment, and they are proposed to be listed on the National Stock Exchange of India.

The company's shares were up nearly 1% in recent trade.

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