MetLife to buy back shares from Srini Raju, J&K Bank

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.

http://timesofindia.indiatimes.com/business/india-business/MetLife-to-buy-back-shares-from-Srini-Raju-JK-Bank/articleshow/16429300.cms?

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