PNB MetLife India Insurance Co. Ltd. has filed a draft red herring prospectus for its planned IPO.

The Indian life insurer is offering up to 495,898,076 equity shares of face value of 10 Indian rupees each comprising 24.64% of the post offer paid up equity. The sale consists of shares owned by Punjab National Bank, MetLife International Holdings LLC, M. Pallonji & Co. Pvt. Ltd., Elpro International Ltd, IGE (India), Jammu & Kashmir Bank Ltd. and Manimaya Holdings.

The IPO, which came as PNB reportedly seeks to dilute its stake in the insurer, was filed with the Securities and Exchange Board of India.

Kotak Mahindra Capital, DSP Merrill Lynch, Citigroup Global Markets India and PNB Investment Services will act as managers for the IPO, The Hindu Business Line reported, citing sources.

As of July 27, US$1 was equivalent to 68.64 Indian rupees.