Elpro International Ltd to sell stake in PNB MetLife to MetLife

The Board of Directors of Elpro International Limited ("Company") has approved (subject to shareholders through postal ballot pursuant to section 110 of the Companies Act, 2013 read with rule 22 of Companies (Management and administration) Rules, 2014 and other requisite regulatory approvals) sale of Company's shareholding in PNB MetLife India Insurance Company Limited ("PNB MetLife").

The Company's and its holding company, I.G.E (India) Private Limited, shareholding in PNB MetLife is proposed to be transferred to MetLife International Holdings LLC. The proposed buyer does not belong to the promoter / promoter group / group companies.

The stake will be sold for Cash Consideration of INR 14,246,973,986 (Rupees fourteen billion two hundred forty six million nine hundred seventy three thousand nine hundred eighty six only) to be received by Elpro, and INR 4,813,268,134 (Rupees four billion eight hundred thirteen million two hundred sixty eight thousand one hundred thirty four only) to be received by Elpro's holding company, I.G.E (India) Private Limited.

Shares of ELPRO INTERNATIONAL LTD. was last trading in BSE at Rs. 60.55 as compared to the previous close of Rs. 59.90. The total number of shares traded during the day was 5941 in over 30 trades.

The stock hit an intraday high of Rs. 61.80 and intraday low of 58.70. The net turnover during the day was Rs. 361227.00.

Source : Equity Bulls

Keywords

ELPROINTERNATIONALLTD INE579B01039 OtherElectEquipProd StakeSale PNBMetLife