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J&K Bank to sell stake in PNB Metlife for Rs 185 cr

Press Trust of India  |  New Delhi 

Sunday said it proposes to sell its stake in to Joint Investment Fund II for Rs 185 crore.

The has executed share purchase agreement with Oman Joint Investment Fund II for sale of 4.1 crore shares of Insurance Company Ltd, 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.

holds 5 per cent stake in the

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 holds 26 per cent stake in the venture, while the US-based MetLife has a 26 per cent stake.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sun, March 17 2019. 15:10 IST