Jammu & Kashmir Bank to raise funds through issue of securities

Jammu & Kashmir Bank Ltd has announced that the Board of Directors of the Bank at its meeting held on July 16, 2007, has approved the following matters, subject to necessary approvals and applicable provisions of law.

1. To approve raising of money through an allotment of GDR’s/ADR’s or FCCB’s or by way of a Qualified Institutional Placement as per the provisions of Chapter XIIIA of the Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000 ("SEBI Guidelines:) convertible upto 62 lacs number of Equity Shares or aggregating upto 62 lacs number of Equity Shares, in one or more tranches and on such terms and conditions as may be decided and deemed appropriate by the authorised persons of the Board at the time of issue or allotment, at their sole discretion, in consultation with their advisors appointed in this regard.

2. To undertake a preferential allotment of warrants not exceeding 70 lacs number, convertible upto 70 lacs number of Equity Shares in one or more tranches to the State Government of Jammu and Kashmir on such price, terms and conditions as may be determined by the Board in accordance with the Chapter XIII of the SEBI Guidelines or other provisions of law as may be prevailing at the time.

3. Approval of the shareholders will be sought vide a postal ballot, Postal ballot notices to be dispatched to the shareholders shortly.

The stock was trading at Rs.694, up by Rs.8.05 or 1.17%. The stock hit an intraday high of Rs.705 and low of Rs.693.15. The total traded quantity was 3204 compared to 2 week average of 3970.

Source : Equity Bulls

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