Jammu and Kashmir Bank has announced plans to sell a 0.5 per cent stake in PNB MetLife India Insurance Company to MetLife International Holdings, LLC, for ₹120.1 crore. The proposed transaction involves the sale of 10.25 million equity shares of the life insurance company at a price of ₹117.20 per share.
The bank’s board had approved the proposed divestment earlier, and the transaction has now been identified as a material event requiring disclosure. The sale will be completed after the execution of definitive agreements, receipt of necessary regulatory approvals and fulfilment of other formalities.
Following the completion of the transaction, Jammu and Kashmir Bank’s stake in PNB MetLife will reduce from 3.034 per cent to 2.534 per cent. The bank clarified that the divestment will not lead to any change in control of PNB MetLife and is not classified as a related-party transaction.
The stake sale is part of the bank’s portfolio management strategy and reflects its decision to partially monetise its investment in the insurance company. PNB MetLife, a joint venture between Punjab National Bank and MetLife International Holdings, provides life insurance solutions across India. The transaction is expected to be closely monitored by investors as J&K Bank continues to optimise its investments and strengthen its financial position.
