Metlife of the US has infused new life into PNB Metlife, which has been in the midst of some confusion about its future as an independent company. It raised its stake to 32% from 26%. Chief executive Ashish K Srivastava says the initial public offering plan is on course.
Ashish K Srivastava said that as of now, the decision where all shareholders are aligned is to have an IPO. We will wait for our banks to tell us the right time in terms of market conditions. Every shareholder is looking to dilute. The offer is to dilute around 25% stake in the process.
Ashish also said, “We have been growing at a pace faster than the industry, seen a CAGR of 20%. Depending on the market, we can maintain faster-than industry growth. Our growth has been 11-12% while the industry was at 8%.“
“PNB is our shareholders. In India, none of the bank promoted companies have opened up. The agreement talks about what they need to do. They need to deliver new business premium and if that does not happen, the partnership extends,” added Ashish.
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