PNB to Pick 30% in MetLife India
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Punjab National Bank has agreed to pick up a 30%
stake in MetLife India which will make it the single largest shareholder in the
private insurance company. The two parties have agreed that once the deal is
finalized the company will be renamed PNB MetLife India.
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MetLife India has a paid-up capital of Rs 1997
crore. The life insurer will fresh shares to PNB which will increase the
company's capital to Rs 2596 crore. PNB's entry will dilute equity of all
existing shareholders which include M Pallonji and Co, Jammu & Kashmir Bank
and IGE-a Pune-based company-besides a clutch of private equity investors. The
existing Indian shareholder stake will be diluted further as within 120 days of
the deal with PNB, MetLife proposes to buy shares which will bring back its
stake to 26%.
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