J&K Bank board approves raising Rs 4500 cr

Jammu & Kashmir Bank (J&K Bank) on Friday (28 August) 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.

 

Shares of J&K Bank jumped 4.26% to Rs 19.6 on Friday. J&K Bank offers banking services under the three major divisions as support services, depository services and third party services.

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