State-owned lender Jammu & Kashmir Bank may book a profit of Rs 400 crore by selling part of its stake in the insurance JV Metlife India, said people familiar with the development.The bank may sell its stake to the company’s foreign partner as the latter’s stake goes below the 26% foreign-investment cap in insurance firms.
J&K Bank holds 11.26% stake in MetLife India, a joint venture between J&K Bank, the US-based MetLife International 26%, and other investors like Elpro International (holding 13%) and M Pallonji Group (26.1%).
International General Electric Corporation holds 20% while Srinivas Raju holds another 5% in Metlife.
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