PNB MetLife to sell 24.64% in an IPO
It was reported on Saturday, that the shareholders of PNB Metlife Life Insurance Company are planning to sell 24.64% in an IPO. The expectations are that with this it will raise Rs 2,000 crore-2,500 crore and value the firm at about Rs 10,000 crore.
After PNB MetLife filed the draft red herring prospectus with SEBI, it will become the fourth life insurer to list on the bourses. The company also stated in the press release that it will offer up to 495,898,076 equity shares of face value Rs 10 comprising 24.64% of the post offer paid up equity PNB Metlife.
It was also noticed that when all shareholders are selling stake in proportion, the foreign partner Metlife is selling up to 0.36% through the listing.