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:

also read

PNB Housing Finance raises Rs 1,775 crore through issue of commercial papers to mutual funds, banks
Business

PNB Housing Finance raises Rs 1,775 crore through issue of commercial papers to mutual funds, banks

Punjab National Bank (PNB) holds 32.79 percent stake in PNB Housing Finance, another 32.36 percent holding is with Carlyle Group through its investment arm Quality Investment Holdings.

Punjab National Bank plans to sell non-core assets of over Rs 8,000 cr in current fiscal
Business

Punjab National Bank plans to sell non-core assets of over Rs 8,000 cr in current fiscal

The country's second largest public sector lender Punjab National Bank (PNB) has identified various assets, including its housing finance arm, for sale and hopes to realise Rs 8,600 crore from these non-core assets during the current fiscal.

Punjab National Bank shares continue to fall; tank over 5% even as lender narrows loss to Rs 4,750 crore
India

Punjab National Bank shares continue to fall; tank over 5% even as lender narrows loss to Rs 4,750 crore

The scrip dropped 4.99 percent to close at Rs 81.90 on the BSE. During the day, it declined 5.56 percent to Rs 81.40