Jammu and Kashmir Bank to raise up to Rs 4,500 cr by issuing shares, bonds

NEW DELHI: State-owned Jammu and Kashmir Bank on Friday said it plans to raise up to Rs 4,500 crore by issuing equity shares and bonds.

The board of directors of the bank has approved to raise “equity share capital up to Rs 3,500 crore in one or more tranches by way of rights issue/preferential allotment/private placement/qualified institutional placement/ESPS or any other approved mode”, it said in a regulatory filing.

The board also approved raising of capital up to Rs 1,000 crore by way of non-convertible, redeemable, unsecured, Basel-III compliant, tier-II bonds in the nature of debentures on a private placement basis, it added.

The lender said that board decisions are subject to approval of shareholders at the ensuing annual general meeting and other regulatory approvals.

Jammu and Kashmir Bank scrip closed 4.26 per cent up at Rs 19.60 apiece on the BSE.


Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.