According to Elpro, it will receive a sum of about ₹1,424.69 crore while I.G.E. (India) will get about ₹481.32 crore.
Elpro said the tentative date for completion of the transaction is November 30, 2021 subject to regulatory approvals.
With the purchase of the additional stake, MetLife's stake in
"MetLife's joint venture in India has all of the hallmarks we look for in deploying capital to create long term shareholder value: a track record of consistent execution, an extensive distribution network, strong growth and an advantaged position in one of the world's most attractive life insurance markets," MetLife Asia Regional President, Kishore Ponnavolu, said.
"I am pleased that this transaction supports MetLife's continued growth in India and will enable us to deliver even more value for our customers, partners and shareholders. The Dabriwala family has been a strong supporter of PNB MetLife and valued members of its board, and we thank them for their contribution to the company."
Elpro Director Surbhit Dabriwala said: "We have enjoyed a strong relationship with MetLife for close to 20 years and seen PNB MetLife grow. Our involvement in PNB MetLife is part of a long tradition at Elpro of working with leading multinational partners in India, including in past ventures with GE and FANUC."
On Tuesday morning, Elpro's shares shot up to ₹72.65 after closing at ₹60.55 on Monday.
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