State-run Punjab National Bank after being hit with the high value Nirav Modi led scam has now again revived its plan to come up with the IPO of its insurance company, PNB Metlife. A leading news daily reported that the insurance company has notified the insurance regulator about its plans to come up with an IPO issue and to raise funds by selling a stake in the company. Though as per a source known to the development, the company is yet to file the papers with the SEBI for the IPO.
The details of the IPO issue have not been disclosed by the company as of now. And the company responds to the primary market issue by saying that it is it is committed to augmenting shareholder/investor value as a professionally managed institution.
Last week only Elpro International has announced its plans to sell close to 1.33% stake in PNB Metlife for a financial consideration of Rs. 134 crore.
PNB Metlife includes PNB bank and MetLife International Holdings LLC as its major shareholders. The leading insurance company with offices spread out at 7000 locations offers a gamut of insurance products including health, life and retirement plans.