J&K Bank board approves fundraising up to Rs2,000cr via mixture of equity and debt; Stock gains

The board approved raising equity shares capital to the tune of Rs2,000cr through various medium and in tranches.

Sep 03, 2021 01:09 IST India Infoline News Service

Jammu & Kashmir Bank has received board of directors approval for raising equity shares capital to the tune of Rs2,000cr through various medium and in tranches.

The board approved fundraising up to Rs1000cr in one or more tranches by way of Rights Issue/ Preferential Allotment/Private Placement/Qualified Institutional Placement (QIP) or any other approved mode.

Further, the board approved fundraising of Rs1000cr by way of Non-Convertible, Redeemable, Unsecured, BASEL III Compliant, TIER 2 bonds like debentures (“debentures”) on a private placement basis.

At around 1.53 PM, J&K Bank was trading at Rs36.90  per piece up 0.4% on Sensex.

The stock has touched an intraday high and low of Rs37.95 per piece and Rs36.85 per piece respectively.

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