Serial entrepreneur and private equity investor Srini Raju and Jammu & Kashmir Bank are likely to sell shares to MetLife as the American insurance giant rearranges shareholding of the Indian joint venture.
Srini Raju, managing assets worth $1 billion, plans to exit MetLife India Insurance Company, selling his entire 5% stake, while J&K Bank will offload a part its 11.5% stake, said two sources familiar with the matter.
Raju, founder of Peepul Capital, is currently in the news as a potential bidder for the troubled media company Deccan Chronicle Holdings. Jammu & Kashmir Bank had said it would not infuse further capital into insurance companies after the Reserve Bank of India imposed restrictions. Financial details of the transaction could not be ascertained.
