Jammu and Kashmir Bank allots equity shares worth Rs500cr on preferential basis; Stock down 2%

The Bank allotted 16,76,72,702 equity shares to the Government of Jammu and Kashmir on Thursday.

Sep 17, 2021 11:09 IST India Infoline News Service

Jammu and Kashmir Bank Ltd. informed the exchanges Thursday that the Share Allotment Committee of the Board of Directors of the Bank in its meeting held on September 16, 2021, allotted 16,76,72,702 Equity Shares to the Government of Jammu and Kashmir (Chief Secretary and Secretary Finance) on preferential basis against the Share Subscription Money.

The equity shares were allotted at the issue price of Rs29.82 per share (including a premium of Rs28.82 per equity share) aggregating to ~Rs500cr.

At around 11. 10 AM, Jammu and Kashmir Bank Ltd was trading at Rs38.65 per piece down by Rs0.9 or 2.28% from its previous closing of Rs39.55 per piece on the BSE.

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