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J&K Bank sells 0.5% stake in insurer PNB MetLife for Rs.120-Cr

Economic Times  

Private sector lender J&K Bank has finalized the sale of a 0.5% stake in PNB MetLife India Insurance to MetLife International Holdings for INR 120-Cr. Post transaction, the bank's total holding in the insurance company will be reduced to 2.5%.The company is ranked 10th among life insurers in terms of new business premium at the end of March. J&K Bank plans to use the proceeds from the sale of its 10.25 million equity shares, at INR 117.20 per share, to manage its capital allocation.

In Mar 2019, PNB Metlife had attracted about $ 27 M from Oman India Joint Investment Fund .For FY25, PNB Metlife had reported about INR 627 Cr in Operating Income and about INR 325 Cr in PAT.