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PNB Metlife India Insurance Co.( PNB MetLife) has filed a draft red herring prospectus (DRHP) with market regulator SEBI for an initial public offering (IPO).
The proposed IPO would be an offer for sale of up to 495,898,076 equity shares of face value of Rs 10 each of PNB Metlife India by the selling shareholders.
The offer would constitute 24.64 per cent of the post-offer paid up equity share capital of the company, sources said.
The offer comprises of up to 8,04,95,242 shares by PNB, 12,90,36,281 shares by Metlife International Holdings LLC, 10,76,11,370 shares by M Pallonji & Company, 7,66,59,064 shares by ELPRO International, 1,91,64,766 shares by IGE (INDIA), 7,66,41,892 shares by J&K Bank and up to 62,89,461 shares by Manimaya.
Currently, PNB holds 30 per cent and is the largest shareholder in this life insurer. After the proposed IPO, PNB stake is expected to comedown to 26 per cent.
PNB has been distribution partner since October 2011 and shareholder since January 2013.
Currently, MetLife International holds 26 per cent in this insurer.J&K Bank holds 5.08 per cent stake.
M Pallonji & Company is currently having stake of 9.98 per cent. M Pallonji Enterprises will not be selling any of its 7.17 per cent stake, according to the DRHP.
Kotak Mahindra Capital, DSP Merrill Lynch, Citigroup Global Markets India, and PNB Investment Services will act as managers for the IPO.
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