Jammu & Kashmir Bank gained 3.32% to Rs 20.25 after the PSU Bank announced that its board has approved raising Rs 4500 crore through equity shares and bonds.
The board of J&K Bank approved raising of equity share capital upto Rs 3500 crore in one or more tranches through rights issue/preferential allotment/private placement/qualified institutional placement (QIP)/ESPSor any other approved mode.The board also approved raising upto Rs 1000 crore via non-convertible, redeemable, unsecured, basel III compliant, Tier 2 bonds in the nature of debentures on a private placement basis.
J&K Bank reported a net loss of Rs 294.10 crore in Q4 March 2020 compared with net profit of Rs 214.80 crore in Q4 March 2019. Total income in the fourth quarter fell 7.9% to Rs 2277 crore from Rs 2473.47 crore in the same period last year.
J&K Bank offers banking services under the three major divisions as support services, depository services and third party services. As of 30 June 2020, the Government of India holds 68.18% stake in the bank.
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