J&KBANKJammu & Kashmir Bank Ltd
Jammu & Kashmir Bank completes the sale of its 0.5% stake in PNB MetLife at ₹117.20 a share
- Agreement
- Insurance
The Jammu and Kashmir Bank Limited has told the exchanges that on 16 Oct 2026 it completed the sale of its shares in PNB MetLife India Insurance Company Limited at ₹117.20 per equity share, for an aggregate of ₹120,09,89,186 (about ₹120.1 crore). The transfer was made to MetLife International Holdings, LLC, and the sale consideration was remitted by the buyer.
The sale is under a Share Purchase Agreement dated 17 Jul 2026 for the acquisition of a 0.5% stake in the insurer. An Escrow Agreement signed on 21 Sep 2026 provided for the shares and the consideration to be deposited and transferred through independent agents: Barclays Wealth Trustees (India) Private Limited as share escrow agent and Barclays Bank PLC as cash escrow agent.
The filing says the bank is not related to MetLife International Holdings, LLC, the escrow agents or PNB MetLife, and the transaction is not a related party transaction. It follows the bank’s earlier letters on the sale dated 14 Jul 2026 and 21 Sep 2026.
Inference
The filing confirms that the sale has been completed, with the shares transferred and the consideration received. The amount of about ₹120.1 crore is the bank’s proceeds from the stake.
The filing does not state the profit or loss on the sale or how the bank intends to use the proceeds. Those would depend on the bank’s book value for the stake, which is not given.
Reference: Original filing (PDF)
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