The offer is of up to 49,58,98,076 shares of face value of Rs 10 each by way of an offer for sale by the selling shareholders.
The offer comprises of up to 8,04,95,242 shares by PNB, 12,90,36,281 shares by Metlife International Holdings LLC, 10,76,11,370 shares by M Pallonji & Company, 7,66,59,064 shares by ELPRO International, 1,91,64,766 shares by IGE (INDIA), 7,66,41,892 shares by J&K Bank and up to 62,89,461 shares by
Manimaya Holdings, as per the Draft Red Herring Prospectus ( DRHP) filed with Sebi.
The shares are proposed to be listed on the stock exchanges.
The listing of shares will enhance the "PNB MetLife" brand name and provide liquidity to the existing shareholders, the draft paper said.
The company will not receive any proceeds from the offer.