J&K Bank sold 2.04% of its stake in PNB Metlife Insurance to Oman India Fund for ₹185 crore, valuing the company at ₹9,000 crore and setting the stage for its upcoming IPO.
Information on the Target
J&K Bank has divested a 2.04% stake in PNB Metlife Insurance to the Oman India Fund, a joint venture between the governments of Oman and India, for ₹185 crore. This sale values PNB Metlife at ₹9,000 crore, as stated by Ashish K. Srivastava, CEO of the joint venture insurance company. Following this transaction, PNB Metlife aims to establish a benchmark for its upcoming initial public offering (IPO).
As it stands, PNB Metlife is owned by several stakeholders, with Punjab National Bank holding a 30% stake, MetLife at 32%, Elpro International at 15%, M Pallonji & Company at 18%, and Jammu & Kashmir Bank at 5%. The company's share capital amounts to ₹2,120 crore, and it has received approval to pursue an IPO by November 1 of this year.
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Industry Overview in the Target’s Specific Country
The Indian insurance industry, particularly the life insurance sector, has been experiencing robust growth, driven by increasing awareness about the importance of insuranc
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Oman India Fund
invested in
PNB Metlife Insurance
in 2023
in a Joint Venture deal
Disclosed details
Transaction Size: $23M
Net Income: $2M
Enterprise Value: $109M
Equity Value: $23M
Multiples
P/E: 10.7x