J&K Bank vaults after stake sale in PNB MetLife Insurance

Jammu & Kashmir Bank rose 4.17% to Rs 48.75 at 15:18 IST on BSE after the bank executed agreement with Oman India Fund for sale of equity shares of PNB MetLife India Insurance Company.

The announcement was made on Sunday, 17 March 2019.

Meanwhile, the S&P BSE Sensex was up 123.19 points, or 0.32% to 38,147.51

On the BSE, 2.68 lakh shares were traded in the counter so far compared with average daily volumes of 2.92 shares in the past two weeks. The stock had hit a high of Rs 48.85 and a low of Rs 46.25 so far during the day.

Jammu & Kashmir Bank has executed Share Purchase Agreement with Oman India Joint Investment Fund II for sale by the Bank of 4.11 crore equity shares of PNB MetLife India Insurance Company at a total consideration of Rs 185 crore.

Jammu & Kashmir Bank's net profit rose 43.16% to Rs 103.75 crore on 20.97% increase in total income to Rs 2166.22 crore in Q3 December 2018 over Q3 December 2017.

Jammu & Kashmir Bank functions as a universal bank in Jammu & Kashmir and as a specialised bank in the rest of the country.

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