The board of directors of NIB Bank Limited has approved in principle the proposed sale of 10,499,993 ordinary shares of the face value of Rs 10 each, of PICIC Insurance Limited to M/s Sakib Berjees and Consortium, at a price not less than Rs 8.20 per share. The NIB Bank, in an information sent to Karachi Stock Exchange here on Thursday said that the deal would be subject to all regulatory approvals and permissions as may be applicable in this case.