PNB Metlife India Insurance Co. on Friday filed a draft red herring prospectus (DHRP) with markets watchdog Sebi for an initial sale of 495.9mn shares for cash, according to the offer document on the book-running lead manager’s website.
The initial public offering (IPO) includes a share sale of up to 495,898,076 equity shares of face value of Rs10 each of PNB Metlife India Insurance Company Ltd by the selling shareholders.
This includes a sale of up to 80.5mn shares by Punjab National Bank, ~129mn by Metlife International, ~107.6mn by M Pallonji & Company, ~76.6mn by Elpro International, ~19.1mn by IGE (India), ~76.6mn by the Jammu and Kashmir Bank, and ~6.2mn equity shares by Manimaya Holdings, the DRHP stated.
These shareholders currently own 30%, 26%, 9.98%, 12.75%, 8.58%, 5.08%, and 0.45%, respectively, while M Pallonji Enterprises will not be selling any of 7.17% stake, as per the DRHP.
The offer shall constitute 24.64% of the post-offer paid up equity share capital of the company. The IPO committee, in consultation with the book-running lead managers, will decide the price band and the minimum bid lot.
Kotak Mahindra Capital, DSP Merrill Lynch, Citigroup Global Markets India, and PNB Investment Services will act as managers to the initial share sale.
The IPO has already received the approval of the insurance watchdog Insurance Regulatory and Development Authority of India (IRDAI).
-With inputs from Bloomberg