Elpro International has received an approval to offload 1.25% of its equity stake in PNB MetLife Insurance Company (PNB MetLife), which may fetch it about Rs 125 crore. The board of director at its meeting held on March 19, 2018 has approved for the same. The company currently holds 12.75% equity in PNB MetLife, which is engaged in the business of life insurance.
This step has been taken for effective treasury management and cash flow requirement for the business of the company. The company is also in discussion with one potential buyer for sale of part of its investment.
Elpro International is engaged in the manufacturing of electrical industrial machinery, apparatus and parts, and construction of residential and non-residential buildings, including additions and alterations.