J&K Bank signs escrow deal to sell part of its PNB MetLife stake to MetLife International Holdings for ₹120.10 crore.

The agreement was signed on September 21, 2026, and covers the sale of over 1.02 crore equity shares at ₹117.20 each.

This follows a share purchase agreement the two parties had already inked back in July. Here is how the deal is structured.

Barclays Wealth Trustees India will hold the shares in escrow, while Barclays Bank PLC will manage the cash portion of the transaction.

This setup is meant to protect both sides until the deal is fully completed and the consideration is paid out.

Once the sale goes through, J&K Bank’s shareholding in PNB MetLife will come down from around 3% to about 2.5%. The bank has clarified that this is a straightforward stake sale.

It does not hold any shares in MetLife International Holdings or in the Barclays entities acting as escrow agents, and the transaction does not count as a related party deal.

J&K Bank disclosed the development to the exchanges under SEBI’s listing regulations, as is required for transactions of this nature.

This stake sale comes at a time when the bank has been working on strengthening its capital base through other channels as well.

In August, its board cleared a plan to raise up to ₹1,000 crore through a qualified institutional placement.

The bank’s June quarter results, announced in late July, showed a net profit of ₹428.8 crore, down about 11.5% from a year earlier, largely because funding costs went up during the period.

J&K Bank’s move to trim its holding in a non-core insurance investment fits into a broader pattern seen among mid-sized lenders, several of which have been paring back stakes in insurance joint ventures lately.

For J&K Bank, the proceeds from this sale add to the funds it can direct toward its core lending business in the months ahead.

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