Jammu and Kashmir Bank Ltd signed an escrow agreement on Monday (September 21) 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. According to reports from CNBC TV18, the shares will be sold at ₹117.20 per equity share under a Share Purchase Agreement that was signed on July 17, 2026.
The transaction involves an independent escrow arrangement with Barclays Wealth Trustees (India) Private Ltd acting as the Share Escrow Agent and Barclays Bank PLC as the Cash Escrow Agent. As reported by CNBC TV18, J&K Bank confirmed that no special rights have been assigned to either escrow agent, and the transaction is not classified as a related party transaction. The bank also stated it does not hold any shareholding in the entities with whom the escrow agreement has been executed.
Shares of Jammu and Kashmir Bank Ltd ended at ₹145.95, declining by ₹0.80 or 0.55% on the BSE on Monday. According to CNBC TV18, the bank emphasized that no other disclosures, including any potential conflict of interest, were applicable in connection with this transaction.
