MUMBAI, June 5 India's Jammu And Kashmir Bank
Ltd will raise 5-6 billion rupees ($84-$101 million)
by selling its 5 percent equity holding in a life insurance
company by the end of this year, its chairman said on Thursday.
The mid-sized state bank will exit from PNB MetLife India
Insurance Co Ltd (PNB MetLife) with the stake sale and use the
capital to bolster its core banking business, Mushtaq Ahmed told
"We have already given the mandate for this. PNB Metlife has
the first right of refusal for this. The exploratory process has
already started," he said.
The main shareholders in PNB MetLife are state-owned lender
Punjab National Bank and U.S. life insurer Metlife Inc
($1 = 59.3450 Indian Rupees)
(Reporting by Abhishek Vishnoi; Editing by Sumeet Chatterjee
and Prateek Chatterjee)