Jammu and Kashmir Bank Ltd approves fund raising proposal

The Board of Directors of Jammu and Kashmir Bank Limited in their meeting held today i.e. 15th July, 2023, have approved fund raising proposals subject to approval of Shareholders at the ensuing Annual General Meeting and other regulatory approvals as applicable.

The board approved raising of Equity Share Capital upto INR 750 Crores in one or more tranches by way of Rights Issue/ Preferential Allotment/Private Placement/Qualified Institutional Placement (QIP) / Follow-on Public Offer (FPO) or any other approved route preferably during the second half of the Financial Year 2023-24.

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 preferably towards end of the Calendar Year 2023.

Shares of The Jammu & Kashmir Bank Limited was last trading in BSE at Rs. 70.12 as compared to the previous close of Rs. 70.32. The total number of shares traded during the day was 725327 in over 3651 trades.

The stock hit an intraday high of Rs. 71.28 and intraday low of 69.54. The net turnover during the day was Rs. 50914515.00.

Source : Equity Bulls

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