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Report: PNB Metlife India Insurance to soon file for IPO

India's PNB MetLife India Insurance Co. Ltd. informed the country's insurance regulator of plans to list, which could help Punjab National Bank raise capital by diluting its stake in the insurer, The Economic Times reported May 15, citing a source close to the development.

The insurer will soon file papers with the regulator, the person said.

PNB MetLife told the publication it was unable to comment on the matter at the moment.

Punjab National Bank and MetLife Inc. hold 30% and 26% stakes in PNB Metlife, respectively.

Punjab National Bank is still grappling with fallout from a US$2 billion fraud case that came to light in February, where bank officials at a branch allegedly extended fraudulent loans to jeweler Nirav Modi and his uncle Mehul Choksi between 2011 and 2017.

The Indian bank reported a net loss of 121.30 billion rupees for the fiscal year ended March 31, compared to a net profit of 11.87 billion rupees in the prior fiscal year.

As of May 14, US$1 was equivalent to 67.57 Indian rupees.