Jammu & Kashmir Bank Ltd approves preferential allotment of 36555051 shares

The Board of Directors of Jammu & Kashmir Bank Ltd at its meeting held on March 20, 2017 has approved the preferential allotment of 3,65,55,051 equity shares of Rs. 1/- each fully paid up of the Bank ('Equity Shares') for cash to the Government of Jammu and Kashmir, Promoter and majority shareholder of the Bank ('J&K Govt.') at the issue price of Rs. 68.39 (Rupees Sixty Eight and Thirty Nine Paisa only) per Equity Share (including premium of Rs. 67.39 per Equity Share) aggregating to Rs. 249,99,99,938 (Rupees Two Hundred and Forty Nine Crore Ninety Nine Lakh Ninety Nine Thousand Nine Hundred and Thirty Eight only) ('Share Subscription Money')

Shares of JAMMU & KASHMIR BANK LTD. was last trading in BSE at Rs.75.5 as compared to the previous close of Rs. 74.95. The total number of shares traded during the day was 2339684 in over 2965 trades.

The stock hit an intraday high of Rs. 78.5 and intraday low of 73.5. The net turnover during the day was Rs. 176684549.

Source : Equity Bulls

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