The decision was made at the board meeting held today.
J&K Bank said it will make preferential allotment of 3,65,55,051 equity shares for cash to government of Jammu & Kashmir at issue price of Rs 68.39 aggregating to Rs 249.99 crore.
J&K government is the promoter and majority shareholder of the bank.
As on December 31, 2016, the promoter group held 53.17 per cent in the bank, as per data on BSE.
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