J&K Bank gains on 5% stake sale in PNB MetLife

Stock up 2%

Jammu & Kashmir (J&K) Bank rose 1.9% to Rs 1600 on the BSE since it is exploring possibilities to sell its 5% stake in PNB MetLife India Insurance Company for about Rs 700 crore.

PNB MetLife India Insurance Company Limited (PNB MetLife) is a joint venture between MetLife International Holdings Inc. (MIHI), Punjab National Bank Limited (PNB), Jammu & Kashmir Bank Limited (JKB), M. Pallonji and Company Private Limited and other private investors, with MIHI and PNB being the majority shareholders.

The stock opened at Rs 1575, touched a high of Rs 1614 and a low of Rs 1575 on the BSE thus far. A total of  10,225 shares were traded on the BSE so far.