The board of state-run Punjab National Bank (PNB) has approved diluting 10% stake in Canara HSBC Life Insurance Company, an associate company of the lender, by listing it on the stock exchanges through an initial public offering (IPO).
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The same shall be subject to regulatory approvals, the state-run lender said in an exchange filing.
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Shares of PNB were trading with losses of nearly 15% on Tuesday. Despite the loss, the stock has risen 20% so far this year.
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