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J&K Bank Sells 0.5% PNB MetLife Stake for ₹120 Crore via Escrow Agreement
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CNBC TV18•21-09-2026, 23:12
J&K Bank Sells 0.5% PNB MetLife Stake for ₹120 Crore via Escrow Agreement
- •J&K Bank signed an escrow agreement to sell its 0.5% stake in PNB MetLife India Insurance Company Ltd for ₹120.10 crore.
- •The sale involves 0.5% of PNB MetLife shares at ₹117.20 per equity share, facilitated by an independent escrow arrangement.
- •The escrow agreement, signed with MetLife International Holdings, LLC and Barclays entities, secures the interests of both parties.
- •Barclays Wealth Trustees (India) Private Ltd will act as the Share Escrow Agent, and Barclays Bank PLC as the Cash Escrow Agent.
- •J&K Bank clarified that this is not a related party transaction and no special rights were assigned to the escrow agents.
Key Questions Answered
Jammu and Kashmir Bank Ltd signed an escrow agreement to sell its 0.5% stake in PNB MetLife India Insurance Company Ltd for ₹120.10 crore. The shares are being sold at a price of ₹117.20 per equity share.
J&K Bank and MetLife International Holdings entered into a Share Purchase Agreement for the acquisition of the 0.5% stake on July 17, 2026.
Barclays Wealth Trustees (India) Private Ltd acts as the Share Escrow Agent, while Barclays Bank PLC serves as the Cash Escrow Agent under the escrow arrangement.
