J&K Bank invests Rs 100 cr in Lavasa

The Jammu & Kashmir Bank Ltd has invested Rs. 100 crore in Lavasa Corporation, a subsidiary of the Hindustan Construction Company (HCC) in the form of convertible debentures, HCC said in a statement to the Bombay Stock Exchange.

The investment values Lavasa, a township project near Pune, at Rs 12,000 crore. Earlier, public sector banks including Bank of India, Allahabad Bank, Andhra Bank, United Bank of India, and private banks Axis bank, ICICI Bank and IndusInd Bank invested in the project in the form of convertible debentures at the valuation of Rs 10,000 crore.