Jammu & Kashmir Bank board approves raising of funds upto Rs. 4500 crores

The Board of Directors of Jammu & Kashmir Bank in their meeting held today i.e. 28th August, 2020, subject to approval of Shareholders at the ensuing Annual General Meeting and other regulatory approvals as applicable, have approved raising of Equity Share Capital upto INR 3500 Crores in one or more tranches by way of Rights Issue / Preferential Allotment / Private Placement / Qualified Institutional Placement (QIP) / ESPS or any other approved mode.

The board also approved raising of Capital upto INR 1000 Crores by way of Non-Convertible, Redeemable, Unsecured, BASEL III Compliant, TIER 2 bonds in the nature of debentures ('debentures') on a private placement basis.

Shares of JAMMU & KASHMIR BANK LTD. was last trading in BSE at Rs.19.6 as compared to the previous close of Rs. 18.8. The total number of shares traded during the day was 702977 in over 1365 trades.

The stock hit an intraday high of Rs. 20.25 and intraday low of 18.9. The net turnover during the day was Rs. 13888158.

Source : Equity Bulls

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