Punjab National Bank to take 30% stake in MetLife India
Punjab National Bank (PNB) will take a 30% stake in MetLife India, an insurer that counts M Pallonji Enterprises, Jammu Kashmir Bank, IGE and several private equity firms among its shareholders. M Pallonji is also believed to be part-owned by GS Strategic Investments, a Mauritius-based subsidiary of Goldman Sachs.
MetLife India has a paid-up capital of INR19.9 billion ($452 million), and will issue new shares to PNB that will take its capital to INR25.9 billion. Consequently, the equity of existing shareholders...
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