Electrical equipment manufacturer Elpro International said it will sell 1.33 per cent stake in PNB MetLife Insurance for Rs 134.22 crore. The deal values the life insurance company at Rs 10,091 crore.
Elpro holds 12.75 per cent stake in the private life insurance company. In a statement to the exchanges in March 2018, the company had said that they will divest a part of their stake for "effective treasury management and cash-flow requirement for the business of the company".
The company has invested Rs 268.64 crore in PNB MetLife since 2003. This deal is subject to approval from the Insurance Regulatory and Development Authority of India (IRDAI) and Competition Commission of India.
In March, Elpro had said that they are engaged in discussions with a potential buyer for part divestment of their stake.
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