S&R Associates, Talwar Thakore & Associates (TT&A) and Trilegal advised on the IPO of Canara HSBC Life Insurance Company Limited.

S&R Associates represented Canara HSBC Life Insurance Company Limited, a private life insurer, in its INR 25.15 billion initial public offering.

The S&R team was led by Partners  Sandip Bhagat and Juhi Singh and Counsel Shiv Bhargava, and included Associates Akshaya Rengan, Ayushi Shrivastava, Utkarsh Mani Tripathi and Shivesh Didwania. Counsel Prateek Sharma and Associate Sourav Kumar advised on corporate and insurance matters.

Talwar Thakore & Associates (TT&A) advised HSBC Insurance (Asia-Pacific) Holdings Limited in its capacity as a promoter and one of the selling shareholders in the IPO of the shares of Canara HSBC Life Insurance Company Limited comprising an offer for sale of 237,500,000 equity shares, aggregating to INR 25,159.50 million, by the existing shareholders.

The TT&A Team included Partners Abhinav Kumar, Kunal Thakore & Deepa Christopher, Managing Associate Shubham Sancheti, and Associates Abhishek Iyer & Pranav Mihir Kandada.

The Promoters of CHL, being Canara Bank and HSBC Insurance (Asia-Pacific) Holdings Limited, and the Investor, being Punjab National Bank, are participating in the offer for sale and divesting 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 and promoted by Canara Bank, which ranks as 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 amongst public sector promoted led life insurers and ranks amongst 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 Partner Richa Choudhary; and supported by Counsel Maitreya Rajurkar, Senior Associates Sanya Chaudhari and Shivayana Balodia, and Associates Siddhant Mishra, Deepanshu Agarwal, and Yatin Shikarpuri.