Jammu & Kashmir Bank signed a Share Purchase Agreement (SPA) with MetLife International Holdings, LLC on July 17, 2026, to divest a 0.50% stake in PNB MetLife India Insurance Company Limited. The transaction involves the sale of 1,02,47,348 equity shares at a price of ₹117.20 per share, aggregating to ₹120,09,89,186. This divestment will reduce the Bank's shareholding in the target entity from 3.034% to 2.534% upon completion.

The Board of Directors of Jammu & Kashmir Bank had approved the stake sale proposal on January 20, 2026. The competent authority reviewed the transaction on July 14, 2026, determining it qualifies as a material event requiring disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure was made in accordance with SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.

PNB MetLife India Insurance Company Limited is a life insurance company incorporated in India and registered with the Insurance Regulatory and Development Authority of India (IRDAI). The Bank clarified that it does not hold any shares in MetLife International Holdings, LLC, the purchaser. The transaction is not a related party transaction and will not result in a change of control of the target entity.

Transaction Details

The key parameters of the stake sale are summarised below:

Completion of the sale is subject to the execution of definitive documentation, receipt of requisite approvals, and the fulfillment of customary closing conditions. The shares being sold are fully paid-up equity shares, each having a face value of ₹10 and carrying one vote per equity share.

Jammu and Kashmir Bank Ltd has appointed Mr. Bansi Lal Saini as its Chief Vigilance Officer (CVO) for a period of three years effective July 15, 2026. The appointment aims to strengthen the bank's vigilance and risk management framework with a leader possessing extensive experience in audit and compliance.

The decision was taken pursuant to Regulation 30 and 51 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The bank has disclosed that the appointment details are in line with SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.

Mr. Saini is a seasoned banking professional with over 30 years of leadership experience at the State Bank of India (SBI), culminating in his role as General Manager. His expertise spans large-scale business operations, financial inclusion, risk management, and audit frameworks. During his tenure at SBI, he managed high-value portfolios exceeding ₹1.5 lakh crore, led teams of over 5,000 employees, and oversaw networks of more than 500 branches.

Key Profile Details

In his final assignment at SBI as General Manager (Circle Audit Office, Delhi Circle), Mr. Saini spearheaded audit operations for 1,652 branches across Delhi, Uttarakhand, and parts of Haryana and Uttar Pradesh. He was recognized as a Member of the Chairman Club at SBI, a distinction awarded to top performers in the CVE category.