PNB, MetLife India Insurance stake acquisition deal receives IRDA nod

NEW DELHI: Insurance Regulatory and Development Authority (IRDA) has give nod to the 30% stake acquisition by Punjab National Bank (PNB) in MetLife India Insurance Company.

The board of the Insurance Regulatory and Development Authority (IRDA) at its meeting gave green signal to the induction of PNB as a shareholder of the insurance company.

In 2011, PNB announced purchasing 30% stake in MetLife India Insurance.

According to the terms of the deal, US-based MetLife will be having an arrangement with the present shareholders and also increase its stake to 26% within 120 days of operationalisation of the deal.

Presently, MetLife India stakeholders, consist Jammu and Kashmir Bank, Shapoorji Pallonji and also other investors, apart from MetLife.