PNB Metlife India Insurance has received an approval from the Securities and Exchange Board of India (SEBI) to float an initial public offering (IPO), PTI reported.
Accordingly, the company’s IPO will put up 49.58cr shares for sale, worth 24.64% stake dilution. PNB will offer up to 8.04cr shares in the IPO, while Metlife International Holdings LLC will offload 12.90cr stocks, PTI reported. The issue is being managed by Kotak Mahindra Capital Company, DSP Merrill Lynch, Citigroup Global Markets India and PNB Investment Services.
As per PTI report, the proposed IPO is a complete secondary sale by state-owned lender and majority owner Punjab National Bank Ltd, JV partner American multinational insurance major MetLife, and other corporate bodies and institutional shareholders.
The company had approached the regulator in July requesting its approval to launch IPO and received Sebi's observations on November 2.