J&K Bank to sell stake in PNB Metlife for Rs 185 cr to Oman India Joint Investment Fund

J&K Bank holds 5 percent stake in the insurance venture.

Press Trust of India March 18, 2019 09:49:40 IST
J&K Bank to sell stake in PNB Metlife for Rs 185 cr to Oman India Joint Investment Fund
  • J&K Bank has executed share purchase agreement with Oman India Joint Investment Fund II for sale of 4.1 crore shares of PNB MetLife

  • This would be subject to fulfilment of certain conditions

  • PNB holds 26% stake in the venture, while the US-based MetLife has a 26% stake

New Delhi: Jammu and Kashmir Bank on Sunday said it proposes to sell its stake in PNB Metlife India to private equity player Oman India Joint Investment Fund II for Rs 185 crore.

The bank has executed share purchase agreement with Oman India Joint Investment Fund II for sale of 4.1 crore shares of PNB MetLife India Insurance Company Ltd, Jammu and Kashmir Bank said in a regulatory filing.

JK Bank to sell stake in PNB Metlife for Rs 185 cr to Oman India Joint Investment Fund

Representational image. Reuters.

This would be subject to fulfilment of certain conditions precedent, which include requisite prior approval from the Insurance Regulatory and Development Authority of India, it said.

Jammu and Kashmir Bank holds 5 percent stake in the insurance venture.

PNB MetLife India Insurance is a joint venture between MetLife International Holdings Inc, Punjab National Bank, Jammu and Kashmir Bank, M Pallonji and Company Pvt Ltd and other private investors.

The state-run Punjab National Bank holds 26 percent stake in the venture, while the US-based MetLife has a 26 percent stake.

Updated Date:

Subscribe to Moneycontrol Pro at ₹499 for the first year. Use code PRO499. Limited period offer. *T&C apply

also read

Sensex sets record high, but ends in negative; Nifty too ends flat in volatile session
Business

Sensex sets record high, but ends in negative; Nifty too ends flat in volatile session

The gains in the early morning trade in BSE Sensex was driven by gains in index majors HDFC twins, Kotak Bank and Reliance Industries amid a positive trend in global markets

From flashy diamantaire to Wandsworth Prison: Nirav Modi's journey to extradition is one of stark contrasts
India

From flashy diamantaire to Wandsworth Prison: Nirav Modi's journey to extradition is one of stark contrasts

Wanted in India on charges of fraud and money laundering in PNB scam case, Modi lost his legal battle against extradition as a UK judge ruled that he does have a case to answer before the Indian courts

PNB Recruitment 2021: Application process for 111 posts of peon begins; check pnbindia.in
India

PNB Recruitment 2021: Application process for 111 posts of peon begins; check pnbindia.in

Candidates can apply for PNB Peon recruitment 2021 till 4 March for the Haryana division. The last date to apply for the recruitment varies by division