JK Bank Sells 0.50% Stake in PNB MetLife for ₹120 Cr

Jammu & Kashmir Bank Ltd has signed a Share Purchase Agreement (SPA) with MetLife International Holdings, LLC to sell its entire stake of 1,02,47,348 equity shares in PNB MetLife India Insurance Company Limited. This represents 0.50% of the paid-up share capital of PNB MetLife. The sale is executed at a price of ₹117.20 per equity share, aggregating to a total transaction value of ₹120,09,89,186/-. The bank confirmed it has no shareholding in MetLife International Holdings, LLC and the transaction is not a related party transaction. The shares sold are fully paid-up equity shares with a face value of INR 10 each.