J&K Bank sells 0.5% stake in PNB MetLife for Rs 120 crore
Jammu and Kashmir Bank has sold a 0.5% stake in PNB MetLife India Insurance to MetLife International Holdings for Rs 120 crore. The transaction reduces the bank’s holding to 2.5% without changing control of the life insurance company.
By Atmadip Ray, ET Bureau |
Private sector lender Jammu and Kashmir Bank has finalised offloading 0.5% stake in PNB MetLife India Insurance Company to MetLife International Holdings, LLC for Rs 120 crore.
A share purchase agreement to this end was signed Friday.
The bank's ownership in the insurance company will now come down to 2.5%.
It will divest 10.25 million equity shares in PNB MetLife at Rs 117.20 apiece, taking the total deal value to Rs 120.1 crore.
The bank board approved the sale on January 20, 2026.
The share sale will not result in a change in control of PNB MetLife, which ranked 10th among the life insurers in terms of new business premium at end-March.
A share purchase agreement to this end was signed Friday.
The bank's ownership in the insurance company will now come down to 2.5%.
It will divest 10.25 million equity shares in PNB MetLife at Rs 117.20 apiece, taking the total deal value to Rs 120.1 crore.
The bank board approved the sale on January 20, 2026.
The share sale will not result in a change in control of PNB MetLife, which ranked 10th among the life insurers in terms of new business premium at end-March.
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