JKJammu & Kashmir Bank532209Deal closure update

Completion of sale of PNB MetLife India Insurance shares at ₹117.20 per equity share

J&K Bank has completed the sale of its 0.5% stake in PNB MetLife India Insurance Company Limited at ₹117.20 per equity share, aggregating to ~₹120.1 crore, to MetLife International Holdings, LLC.

By ScoutQuest · Fri 16 Oct 2026, 7:00 PM IST · 2 min read

Sale Price per Equity Share

₹117.20 per equity share

Total Consideration

~₹120.1 crore

Stake Sold

0.5% stake in PNB MetLife India Insurance Company Limited

An update on a stake sale the bank had entered into agreements for earlier.

What the bank has told the exchanges

• The Bank has today, 16th October, 2026, successfully completed the transaction with MetLife International Holdings, LLC, Barclays Securities (India) Private Limited, Barclays Wealth Trustees (India) Private Limited and Barclays Bank PLC for the sale of shares of PNB MetLife India Insurance Company Limited.
• The sale was at a price of ₹117.20 per equity share, aggregating to ~₹120.1 crore.
• The shares were transferred by the Bank, and the sale consideration was remitted by MetLife International Holdings, LLC.

Who the parties are

• Seller: Jammu and Kashmir Bank Limited.
• Purchaser: MetLife International Holdings, LLC.
• Other parties named in the disclosure: Barclays Securities (India) Private Limited, Barclays Bank PLC and Barclays Wealth Trustees (India) Private Limited.

What the agreements say

• A Share Purchase Agreement dated 17th July, 2026 was entered into between the Bank as Seller and MetLife International Holdings, LLC as Purchaser, for the acquisition of a 0.5% stake in PNB MetLife India Insurance Company Limited.
• As per that agreement, the Seller and the Purchaser had agreed to enter into an Escrow Agreement, which was executed on 21st September, 2026, for the deposit and transfer of the shares as well as the consideration through an independent Escrow Agent, to secure the interests of both parties.
• Barclays Wealth Trustees (India) Private Limited was appointed as the Share Escrow Agent and Barclays Bank PLC as the Cash Escrow Agent, for the deposit and transfer of the equity shares and purchase consideration respectively, in order to protect the interests of both parties and effectuate the transaction.
• The Bank does not have any shareholding in the entity with whom the agreement is executed.

Other points stated

• The Bank and MetLife International Holdings, LLC did not assign any special rights in favour of the Escrow Agents.
• The listed entity is not related to MetLife International Holdings, LLC, the Escrow Agents or to PNB MetLife India Insurance Company Limited, and the transaction is not a related party transaction.
• On nominee or conflict of interest matters, the disclosure states "None".
• The shares referred to are fully paid-up equity shares, each having a face value of INR 10, carrying one vote per equity share.

How a retail investor can read this

• This is a completion update on a proposed sale of a small stake in an insurance company in which the Bank was a shareholder.
• The disclosure sets out the per-share price and the total amount involved, which lets a reader see the size of the transaction in relation to the Bank.
• The update states that the consideration has been received by way of remittance from the purchaser, and that the shares have been transferred.

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