Elpro International on Tuesday agreed to sell approximately 1.33% shareholding in PNB MetLife India Insurance for a total consideration of Rs 134.22 crore.

The transaction is subject to satisfaction of certain conditions including approval from Insurance Regulatory and Development Authority of India and Competition Commission of India.

Elpro International currently holds 12.75% equity in PNB MetLife.

Even post this sale, the PNB MetLife stake by Elpro is valued at Rs 1,288 crore.

While Elpro current market capitalisation even post Tuesday's 10% spike is equivalent to Rs 1,168 crore.

Mumbai-based Elpro had invested Rs 268.64 crore in PNB MetLife in 2003.

Elpro has interests in real estate, financial sector and is engaged in the manufacture of electrical equipment.

The company manufactures surge arresters and zinc oxide discs with GE technology.

The company also owns 35 acres of land in Pimpri Chinchwad, one of the most prominent industrial destinations near Pune.

First Published:May 8, 2018 4:25 PM IST