Jammu and Kashmir Bank on Sunday proposed to sell its stake in PNB Metlife India to Oman India Joint Investment Fund II for ₹185 crore. J&K bank owns 5% stake in PNB Metlife insurance.
Jammnu and kashmir bank in a regulatory filing said it has executed a joint purchase agreement with private equity player Oman India Joint Investment for the sale of about 4.1 crore shares of PNB’s MetLife India Insurance company.
Although, the deal needs the approval of insurance regulatory body-Insurance Regulatory and Development Authority of India (IRDA), along with other prior conditions which need to be fulfilled before the deal.
PNB MetLife India Insurance is a joint venture (JV) between MetLife International Holdings Inc, Punjab National Bank, M Pallonji and Company Pvt Ltd, Jammu and Kashmir Bank and some stake owned by other private investors. Both state own Punjab National Bank (PNB) and MetLife International Holdings own 26% stake in the JV.