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J&K Bank to sell PNB Metlife stake

Jammu & Kashmir Bank is exploring possibilities of selling its entire 5% stake in PNB MetLife India Insurance Company. The bank expects Rs 700 crore for the stake. The insurance company is a joint venture among the US-based MetLife International Holdings, Punjab National Bank, J&K Bank, M Pallonji and Company and other private investors. MetLife International and PNB are majority shareholders with 26% and 30% stake, respectively. The majority shareholders will have the first right to refusal in buying J&K Bank’s stake. The bank had trimmed its stake in the company from 11.26% to 5% when it sold some of its shares to MetLife. The bank had raised around Rs 190 crore by selling 52 million shares at Rs 36.50 per share.

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