PNB MetLife India Insurance, which is among India's top 10 life insurers by market share, has filed a draft prospectus with the Securities and Exchange Board of India (SEBI), for an initial public offering (IPO).
PNB MetLife's majority shareholder is the state owned lender Punjab National Bank. Other shareholders are MetLife and other corporate bodies and institutional shareholders.
The IPO comprises a sale of 495.89mn shares by several shareholders and will represent around a 24.6 percent stake on a post-issue basis, the draft prospectus shows, reports Indiainfoline.
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 shares by Manimaya Holdings, the draft prospectus states.
These shareholders currently own; 30 percent, 26 percent, 9.98 percent, 12.75 percent, 8.58 percent, 5.08 percent, and 0.45 percent, respectively of the life joint venture.
The IPO has already received the approval of the IRDAI.
When the IPO is launched, PNB MetLife will become the fourth life insurance company in India to list on stock exchanges.
ICICI Prudential Life became the first life insurer in India to go public when it was listed last year followed by HDFC Life and SBI Life.