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    PNB Met Life files IPO papers; looks to raise up to Rs 1500 crore

    PNB Met Life files IPO papers; looks to raise up to Rs 1500 crore

    PNB Met Life files IPO papers; looks to raise up to Rs 1500 crore
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    By Yash Jain   IST (Updated)

    PNB MetLife has kick-started its initial public offering (IPO) process by filing requisite papers with the Insurance Regulatory and Development Authority (IRDA).
    The insurance company co-owned by Punjab National Bank and MetLife is looking to raise between Rs 1,000 crore and Rs 1,500 crore, sources told CNBC-TV18.
    The company is seeking a valuation of up to Rs 12,000 crore and is looking to sell 10% stake via this IPO.
    Sources further said that MetLife is likely to stay away from this IPO.
    PNB owns 30% stake in the company while Met Life owns 26%. Jammu and Kashimr Bank owns 5% in PNB MetLife.
    Other major stakeholders in the company are: Elpro International, at 12.7%, M Pallonji (18%).
    Sources further said that PNB MetLife has appointed Bank of America Merrill Lynch, Citibank and Kotak Mahindra Capital as bankers for IPO.
    The company said, "We continue to evaluate  undertaking an IPO, but it will be subject to market conditions."
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