Jammu & Kashmir Bank Signs Escrow Agreement to Sell PNB MetLife Shares Worth Rs 120 Crore

Key facts

• Jammu & Kashmir Bank signed an escrow agreement with MetLife International and Barclays group companies to sell PNB MetLife India Insurance shares worth nearly Rs 120.10 crore.
• Each share will be sold at Rs 117.20 per equity share, aggregating to Rs 120,09,89,186, with the contract signed on Monday after market hours.
• J&K Bank had earlier signed a share purchase agreement with PNB MetLife India on July 17 to acquire a 0.5% stake in the company.
• Barclays Wealth Trustees (India) will act as the share escrow agent and Barclays Bank PLC as the cash escrow agent for the transaction.
• The transaction does not fall under related party transactions, and no special rights have been assigned to J&K Bank or MetLife International Holdings, LLC.
• J&K Bank shares ended Monday's trade flat, declining 2% over the past month while advancing 26% over the past six months.