Date: July 14, 2026
Board Meeting Outcomes
The Board of Directors of the Bank, at its meeting held on January 20, 2026, accorded approval for the proposed divestment. On July 14, 2026, the competent authority determined that the transaction qualifies as a material event requiring disclosure.
Disinvestment / Strategic Actions
Target Entity: PNB MetLife India Insurance Company Limited
Nature of Transaction: Proposed sale/disposal of equity shares held by Jammu and Kashmir Bank in PNB MetLife India Insurance Company Limited.
Purchaser/Acquirer: MetLife International Holdings, LLC
Details of Shares to be Sold: 1,02,47,348 equity shares
Percentage of Shareholding to be Disposed: 0.50% of the paid-up share capital of PNB MetLife India Insurance Company Limited
Consideration: Cash consideration at ₹117.20 per equity share
Aggregate Transaction Value: ₹120,09,89,186/-
Purpose/Rationale: Divestment of a portion of the Bank's shareholding in PNB MetLife India Insurance Company Limited
Shareholding Before Transaction: 3.034%
Shareholding After Transaction: 2.534% (post-completion of the proposed transaction)
Change in Control: The transaction would not result in a change in control of the target entity.
Related Party Transaction: No
Expected Time Period for Completion: Subject to execution of definitive documentation, receipt of requisite approvals and completion of other necessary formalities.
Regulatory/Statutory Approvals Required: Applicable approvals, if any, and completion of customary closing conditions and formalities.
Background of Target Entity: PNB MetLife India Insurance Company Limited is a life insurance company incorporated in India and registered with the Insurance Regulatory and Development Authority of India (IRDAI).
Current Status: The proposed transaction has not been set in motion yet and remains subject to execution of definitive documentation and completion of other necessary formalities.
KMP / Board / Auditor Changes
Not Specified
Dividend Declaration or Non-Declaration
Not Specified
Financial Results (Standalone & Consolidated)
Not Specified
Auditor’s Report
Not Specified
Other Operational / Legal / Strategic Disclosures
Not Specified