Jammu and Kashmir Bank Limited has successfully completed the sale of shares in PNB Metlife India Insurance Company Limited to MetLife International Holdings, LLC. The transaction was completed on 16th October, 2026.
Transaction Details
- Parties Involved: MetLife International Holdings, LLC (Purchaser), Barclays Securities (India) Private Limited, Barclays Wealth Trustees (India) Private Limited, and Barclays Bank PLC
- Sale Price: ₹117.20 per equity share
- Total Transaction Value: ₹120,09,89,186/- (₹120.10 crore)
- Shares Sold: 0.5% stake in PNB Metlife India Insurance Company Limited
- Share Characteristics: Fully paid-up equity shares, each having a face value of INR 10, carrying one vote per equity share
Agreement Structure
- Share Purchase Agreement: Dated 17th July, 2026 between Jammu and Kashmir Bank Limited (Seller) and MetLife International Holdings, LLC (Purchaser)
- Escrow Agreement: Executed on 21st September, 2026
- Escrow Agents: Barclays Wealth Trustees (India) Private Limited appointed as Share Escrow Agent, Barclays Bank PLC appointed as Cash Escrow Agent
- Purpose: To deposit and transfer shares and purchase consideration to protect interests of both parties and effectuate the transaction
Transaction Mechanics
- Transfer of shares by the Bank
- Remittance of sale consideration from MetLife International Holdings, LLC
- Transaction facilitated through escrow arrangement for security of both parties