Jammu & Kashmir Bank Ltd. will sell 41,111,111 equity shares of PNB MetLife India Insurance Co. Ltd. to Oman India Joint Investment Fund II for 1.85 billion rupees.
The state-run bank did not disclose additional details of the transaction, which is subject to approval from India's insurance regulator.
In November 2018, PNB MetLife India Insurance obtained regulatory approval for its planned IPO.
According to a July 27, 2018, filing with the BSE, Jammu & Kashmir Bank held 102,189,189 shares of PNB MetLife India Insurance, or a stake of 5.08%. Through the IPO, the bank had proposed to sell up to 76,641,892 shares of the insurer, or a stake of 3.81%.
U.S.-based MetLife International Holdings LLC and India's Punjab National Bank own stakes of 32.05% and 30% in PNB MetLife India Insurance, according to S&P Global Market Intelligence data.
As of March 15, US$1 was equivalent to 68.99 Indian rupees.