Elpro to sell 1.25 pc equity in MetLife for Rs 125 crore

Elpro to sell 1.25 pc equity in MetLife for Rs 125 crore

Mumbai, Mar 19 (PTI) Elpro International today said it will offload 1.25 per cent of its equity stake in PNB MetLife insurance company, which may fetch it about Rs 125 crore.

Elpro International currently holds 12.75 per cent equity in PNB MetLife, which is engaged in the business of life insurance.

"For effective treasury management and cash flow requirement for the business of the company, company is in discussion with one potential buyer for sale of part of its investment to the tune of approximately 1.25 per cent of the paid up equity of MetLife," Elpro International said in a regulatory filing.

As per the filing, the transaction could fetch the company about Rs 125 crore.

Mumbai-based Elpro had invested Rs 268.64 crore in PNB MetLife in 2003. The company is engaged in manufacturing of electrical machinery and equipment. It is also into construction of residential and commercial buildings.

Elpro shares dropped by 4.18 per cent to close at Rs 41.30 on BSE today ahead of the announcement.

PNB MetLife had total paid up capital of Rs 2,012.88 crore. In 2016-17, the insurer had reported a net profit of Rs 63.87 crore. PTI NKD CS MR MR