The Jammu and Kashmir Bank said it proposes to 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 4.1 crore shares of PNB MetLife India Insurance Company Ltd, Jammu and Kashmir Bank said in a regulatory filing. This would be subject to fulfilment of certain conditions precedent, which include requisite prior approval from the Insurance Regulatory and Development Authority of India, it said.
Jammu and Kashmir Bank holds 5 percent stake in the insurance venture.
PNB MetLife India Insurance is a joint venture between MetLife International Holdings Inc, Punjab National Bank, Jammu and Kashmir Bank, M Pallonji and Company Pvt. Ltd. and other private investors.
The state-run Punjab National Bank holds 26 percent stake in the venture, while the U.S.-based MetLife has a 26 percent stake.
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