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PNB agrees to pick 30% in MetLife India
News
MUMBAI: Punjab National Bank has agreed to pick up a 30% stake in MetLife India which will make it the single largest shareholder in the private insurance company. The two parties have agreed that once the deal is finalized the company will be renamed PNB MetLife India.
MetLife India has a paid-up capital of Rs 1,997 crore. The life insurer will issue fresh shares to PNB which will increase the size of the company’s capital to Rs 2,596 crore. PNB’s entry will dilute equity of all existing shareholders which include M Pallonji and Co, Jammu & Kashmir Bank and IGE—a Pune-based company—besides a clutch of private equity investors. The existing Indian shareholders stake will be diluted further as within 120 days of the deal with PNB, MetLife proposes to buy shares which will bring back its stake to 26%.
Read fullstory on Times of India
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