L&T Finance IPO subscribed 1.99 times
Showcasing strong investors appetite, the initial public offer of L&T Finance Holdings was subscribed 1.99 times on the final day of issue. The company's IPO received bids worth 42.6 crore shares, as against 21.45 crore shares on offer, as per data available on the National Stock Exchange till 1200 hours. L&T Finance Holdings entered the capital markets with an IPO price band of51 to59 apiece. The issue, which opened for subscriptttion on July 27, will close today. L&T Finance aims to mop up1,245 crore from the capital market. The company will issue 21.10 crore shares under the IPO and post-listing, parent Larsen & Toubro's (L&T) stake in the company would come down to 83 per cent. At present, parent firm L&T holds a 95.94 per cent stake in the company and the remaining 4.06 per cent is held by US-based private equity fund Capital International. The IPO proceeds would be pumped into five L&T subsidiaries -- L&T Infrastructure Company, L&T Finance, India Infrastructure Developers, L&T Investment Management and L&T Mutual Fund Trustees. Citigroup, JM Financial and HSBC are the lead managers for the public issue PNB selects Metlife as partner for life insurance venture The country's second largest public sector lender, Punjab National Bank (PNB), today said it has selected Metlife as its partner for a proposed foray into the life insurance segment. "We have considered offers made by various companies and selected Metlife as our partner," PNB Chairman and Managing Director K R Kamath told reporters here after announcing the bank's quarterly numbers. PNB had earlier shortlisted 10 entities from a preliminary list of 41 and further narrowed it to three for forming a partnership in the life insurance venture. The three shortlisted life insurers were Bharti AXA, Aviva and Metlife. Metlife India stakeholders include Jammu and Kashmir Bank, Shapoorji Pallonji and other investors, besides Metlife of the US. Last year, PNB announced plans for a strategic partnership with an insurance player. The bank said it has decided to participate in the life insurance venture through "a corporate agency tie-up along with equity participation in an existing Indian life insurance company". PNB is among the few banks with a large branch network that do not have a stake in a life insurance company. Last year, PNB decided to part ways with its foreign partner in a proposed life insurance joint venture it set up four years ago. PNB bought the entire 26 per cent stake held by Principal Financial Group and the 32 per cent participating interest of domestic firm UK (Berger) Paints in Principal PNB Life Insurance Company Ltd. PNB's stake in the proposed joint venture was 30 per cent, while that of Vijaya Bank was 12 per cent
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