PNB MetLife India has received Sebi’s approval to float an IPO. PNB MetLife, which had approached Sebi in July seeking its clearance to launch IPO, obtained Sebi’s “observations” on November 2, as per the latest update. The observations are necessary for any firm to launch public issues like initial public offer, follow- on public offer and rights issue.
According to the draft papers, the IPO will put up 49,58,98,076 shares for sale, worth 24.64 per cent stake dilution. PNB will offer up to 8,04,95,242 shares in the IPO, while Metlife International Holdings LLC will offload 12,90,36,281 stocks.