Jammu and Kashmir Bank Ltd on Monday signed an escrow agreement with MetLife International Holdings, LLC and Barclays entities for the sale of its 0.5% stake in PNB MetLife India Insurance Company Ltd for ₹120.10 crore. The shares will be sold at ₹117.20 per equity share, with the transaction involving the deposit and transfer of the shares and purchase consideration through an independent escrow arrangement.
J&K Bank and MetLife International Holdings had entered into a Share Purchase Agreement on July 17, 2026, for the acquisition of the 0.5% stake. Under the agreement, the parties agreed to enter into an escrow agreement to secure the interests of both parties.
J&K Bank said no special rights have been assigned to either escrow agent. It also said the transaction is not a related party transaction and that the bank is not related to MetLife International Holdings, the escrow agents or PNB MetLife India Insurance Company.
The bank said it does not hold any shareholding in the entities with whom the escrow agreement has been executed. No other disclosures, including any potential conflict of interest, were applicable.