J&K Bank board approves Rs 2,000-cr fund raising plan

29 Jun 2022 , 08:50 AM

The banks board has approved the raising of equity share capital up to Rs 500 crore 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. The board has also approved the raising of capital up to Rs 1,500 crore by way of non-convertible, redeemable, unsecured, Basel-III compliant, Tier-2 bonds in the nature of debentures on a private placement basis. Srinagar-based J&K Bank is a scheduled commercial bank. It functions as a leading bank in the Union Territories of Jammu & Kashmir and Ladakh. The State Government of Jammu and Kashmir holds 70.12% in the bank. J&K Banks net profit fell 64.47% to Rs 112.20 crore on 4.81% rise in total income to Rs 2,209.40 crore in Q4 March 2022 over Q4 March 2021. The scrip advanced 1.56% to end at Rs 26 on the BSE yesterday. Powered by Capital Market – Live News