J&K Bank gets shareholders' nod to raise up to Rs 2,000 cr via equity, debt

Jammu and Kashmir Bank on Friday said it has received shareholders' nod to raise up to Rs 2,000 crore through equity and debt to fund its business.

The shareholders at the annual general meeting on Friday approved the plan to raise equity and debt capital of up to Rs 1,000 crore each.

They approved raising of equity capital of 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, shareholders approved raising 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.

Shareholders also cleared the appointment of Nitishwar Kumar and Mohmad Ishaq Wani as directors.