J&K Bank gains as board approves fund raising plan

Jammu & Kashmir Bank gained 1.9% to Rs 37.45 after the banks board approved proposal to raise up to Rs 2,000 crore through a mix of equity and debt.

Sep 03, 2021 09:09 IST capital market

In a regulatory filing, the bank said that the board has at its meeting held on Thursday approved raising of equity capital up to Rs 1,000 crore in one or more tranches by way of rights issue/preferential allotment/private placement or qualified institutional placement (QIP) or any other approved mode.

The board also approved to raise up to Rs 1,000 crore by issuing Basel III compliant, tier II bonds in the nature of non-convertible redeemable and unsecured debentures on a private placement basis.

J&K Bank offers banking services under the three major divisions as support services, depository services and third party services.

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