Jammu & Kashmir Bank forfeits Convertible Warrants

Jammu & Kashmir Bank Ltd has announced that the Board of Directors of the Bank at its meeting held on March 14, 2009, has forfeited 40,92,140 Convertible Warrants issued to the State Government of Jammu & Kashmir on preferential basis for not exercising their option to apply for equity shares of the Bank within the prescribed time.

Further, 10% advance payments amounting to Rs 2809.50 Lacs made by the State Government of Jammu & Kashmir, towards the allotment of aforesaid warrants was also forfeited by the Board of Directors in accordance with the provisions of SEBI (DIP) Guidelines, 2000.

The stock was trading at Rs.227, up by Rs.2.50 or 1.11%. The stock hit an intraday high of Rs.240 and low of Rs.222.25.

The total traded quantity was 423 compared to 2 week average of 6041.

Source : Equity Bulls

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