Punjab National Bank (PNB) will look to offload 4 percentage points of shareholding in its life insurance joint venture PNB MetLife India Insurance, a top official said.
This will be done when PNB MetLife India Insurance goes public with an IPO later this year, Sunil Mehta, Managing Director and CEO, PNB, told BusinessLine .
As of date, PNB is the largest shareholder with 30 per cent stake in PNB MetLife. “We are not going to exit. We will reduce it by 4 per cent and still maintain strategic stake of 26 per cent. Other shareholders want to realise value. So, we are just participating,” he said.
The stake dilution will happen through the proposed initial public offering (IPO). “This IPO could happen this quarter or in the coming quarters also,” Mehta added. It may be recalled that PNB MetLife India Insurance has been toying with the idea of an IPO since 2017.