J&K Bank to sell stake in PNB Metlife for Rs185cr

Accordingly, the bank has executed share purchase agreement with Oman India Joint Investment Fund II for sale of 4.1cr shares of PNB MetLife India Insurance Company Ltd.

Mar 18, 2019 08:03 IST India Infoline News Service

Jammu & Kashmir (J&K) Bank in its filing to the exchanges informed that the bank has proposed to sell its stake in PNB Metlife India to private equity player Oman India Joint Investment Fund II for Rs185cr.

Accordingly, the bank has executed a share purchase agreement with Oman India Joint Investment Fund II for sale of 4.1cr shares of PNB MetLife India Insurance Company Ltd, the bank said in a statement to the exchanges on Sunday.

The sell stake is subject to fulfillment of certain conditions precedent, which include requisite prior approval from the Insurance Regulatory and Development Authority of India, the bank added.

PNB MetLife India Insurance is a JV between MetLife International Holdings Inc, Punjab National Bank, J&K, M Pallonji and Company Pvt Ltd and other private investors. J&K holds a 5% stake in the insurance venture.

Jammu and Kashmir Bank Ltd's share price ended at Rs46.20, down by Rs0.45 or 0.96%, from its previous close of Rs46.65 on the BSE.

The scrip opened at Rs46.70 and touched a high and low of Rs47.90 and Rs46.20, respectively. A total of, 9,67,058 (NSE+BSE) shares have traded on the counter. The current market cap of the company is Rs2,606.10cr.

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