MUMBAI (Reuters) - Jammu And Kashmir Bank Ltd will raise 5-6 billion rupees ($84-$101 million) by selling its 5 percent equity holding in a life insurance company by the end of this year, its chairman said on Thursday.
The mid-sized state bank will exit from PNB MetLife India Insurance Co Ltd (PNB MetLife) with the stake sale and use the capital to bolster its core banking business, Mushtaq Ahmed told Reuters.
"We have already given the mandate for this. PNB Metlife has the first right of refusal for this. The exploratory process has already started," he said.
The main shareholders in PNB MetLife are state-owned lender Punjab National Bank and U.S. life insurer Metlife Inc .
($1 = 59.3450 rupees
(Reporting by Abhishek Vishnoi; Editing by Sumeet Chatterjee and Prateek Chatterjee)
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