J&K Bank sells 0.5% stake in PNB MetLife for Rs 120 crore

Jammu & Kashmir Bank signed a share purchase agreement on Friday to divest 10.25 million equity shares in PNB MetLife at Rs 117.20 apiece, for a total deal value of Rs 120.1 crore. Following the sale, the bank's ownership in the insurer will come down to 2.5% from 3%. The bank board had approved the transaction on January 20, 2026, and the divestment will not result in any change in control of PNB MetLife, which ranked 10th among life insurers by new business premium at end-March.