J&K Bank board approves plan to raise Rs 2,000 cr via equity, debt

PTIUpdated: Thursday, September 02, 2021, 08:18 PM IST
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Shares of J&K Bank closed at Rs 36.75 apiece on BSE, up 0.82 per cent from the previous close/ Representational image |

State-owned Jammu & Kashmir Bank on Thursday said its board has approved proposal to raise up to Rs 2,000 crore through a mix of equity and debt.

The board at its meeting on September 2, 2021, approved the plan to raise equity and debt capital up to Rs 1,000 crore each.

The board has 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 bank said in a regulatory filing.

Also, it approved to raise up to Rs 1,000 crore by issuing Basel III compliant tier II bonds in the nature of non-convertible debentures on a private placement basis, it added.

The lender said the nod for the fundraising plan by its board is subject to the approval of shareholders at its ensuing annual general meeting (AGM), and other regulatory approvals.

Shares of J&K Bank closed at Rs 36.75 apiece on BSE, up 0.82 per cent from the previous close.

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