Jammu and Kashmir Bank is planning to sell its stake in PNB Metlife India to Oman India Joint Investment Fund II, a private equity player, for Rs 185 crore.
In a bid to proceed with the formalities, the lender has already executed share purchase agreement with Oman India Joint Investment Fund II for selling of 4.1 crore shares of PNB MetLife India Insurance Company Ltd, said the bank in its regulatory filling.
The realization of the process is subject to certain conditions, which comprise of prior approval from the Insurance Regulatory and Development Authority of India, it said.
The bank possess five percent stake in the insurance firm.
PNB MetLife India Insurance is an amalgamated venture between MetLife International Holdings Inc, Punjab National Bank, Jammu and Kashmir Bank, M Pallonji and Company Pvt Ltd and other private investors.
Public lender Punjab National Bank acquires 26 percent stake in the venture, while the US-based MetLife holds a 26 percent stake.