Jammu and Kashmir Bank Limited
Escrow Agreement for Sale of PNB MetLife India Insurance Company Shares
Main Body
Jammu and Kashmir Bank Limited (the Bank) has executed an Escrow Agreement on 21st September, 2026 with MetLife International Holdings, LLC (Purchaser), Barclays Securities (India) Private Limited, Barclays Wealth Trustees (India) Private Limited, and Barclays Bank PLC. This agreement facilitates the sale of the Bank's 0.5% stake in PNB Metlife India Insurance Company Limited.
The financial terms of the transaction are as follows:
- Sale price per equity share: ₹117.20
- Total consideration: ₹120,09,89,186/- (₹120.10 crore)
- Shares are fully paid-up equity shares with a face value of ₹10 each, carrying one vote per share
This Escrow Agreement is a follow-up to the Share Purchase Agreement already executed between the Bank (Seller) and MetLife International Holdings, LLC (Purchaser) on 17th July, 2026. The purpose of the escrow arrangement is to secure the interests of both parties by appointing Barclays Wealth Trustees (India) Private Limited as the Share Escrow Agent and Barclays Bank PLC as the Cash Escrow Agent for the deposit and transfer of shares and purchase consideration.
The Bank has confirmed that:
- It holds no shareholding in any of the entities with whom the escrow agreement is executed
- No special rights have been assigned to the escrow agents beyond their escrow functions
- The transaction does not constitute a related party transaction
- The listed entity is not related to MetLife International Holdings, LLC, the Escrow Agents, or PNB MetLife India Insurance Company Limited