JK Bank Signs Escrow Agreement for PNB Metlife Share Sale

Jammu & Kashmir Bank Ltd has signed an Escrow Agreement with MetLife International Holdings, LLC, Barclays Securities (India) Private Limited, Barclays Wealth Trustees (India) Private Limited, and Barclays Bank PLC. This agreement is for the sale of shares in PNB Metlife India Insurance Company Limited at ₹117.20 per equity share, totaling ₹120,09,89,186. The escrow arrangement is to facilitate the deposit and transfer of shares and consideration, securing the interests of both the seller (JK Bank) and the purchaser (MetLife International Holdings, LLC) as per a prior Share Purchase Agreement. JK Bank does not hold any shareholding in the entities with whom the agreement is executed, and the transaction is not considered a related party transaction.