Metlife to hike its stake in PNB Metlife to 47.32% in Rs 1,906 cr deal

Signs share purchase agreement with IGE (India) Pvt Ltd and Elpro International Ltd to acquire their combined holding of 15.27% in PNB MetLife India Insurance

Metlife International Holdings is looking to acquire the combined 15.27 per cent shareholding of IGE (India) Private Limited and Elpro International Limited in PNB Metlife India Insurance company for a cash consideration of Rs 1,906 crore, subject to regulatory approvals.

Upon the completion of this transaction, Metlife’s shareholding in PNM Metlife life insurance company will increase to 47.325 per cent, making it the largest shareholder in the private life insurer.  

In a statement, Metlife International Holdings said it has entered a share purchase agreement with IGE (India) Private Limited and Elpro International Limited to acquire their total combined shareholding of