M Pallonji likely to exit from PNB MetLife India Insurance

The M Pallonji Group, the PNB MetLife India Insurance Company’s largest shareholder at the time of incorporation in 2001, is now looking to dilute its entire shareholding in the firm. The sources informed that the conglomerate is exploring an exit and is looking to sell its 17.15% stake held by its flagship company M Pallonji & Company Pvt. “M Pallonji & Company entered the company 18 years back and is the oldest existing non-promoter shareholder along with J&K Bank. It is now keen on an exit due to its delayed IPO plans and uncertainty around the exact timing of its listing. The expected valuation for their stake is between Rs 2,000 crore and Rs 2,500 crore,” said a source. Another source said private equity players, keen on the domestic life insurance segment, are likely to express interest in this proposed transaction.