Jammu & Kashmir Bank is planning 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 4.11 crore shares of PNB MetLife India Insurance company.
This would be subject to fulfillment of certain conditions precedent, which include requisite prior approval from the Insurance Regulatory and Development Authority of India. PNB MetLife India Insurance is a joint venture between MetLife International Holdings Inc, Punjab National Bank, Jammu and Kashmir Bank, M Pallonji and company and other private investors.
Jammu & Kashmir Bank is engaged in the banking business. The company offers a range of products and services, such as loans, insurance, tax products/planning, savings and deposits, cards, mutual funds and non-resident banking.
