The bank's board approved raising Rs 360 crore through allotment of Basel III Compliant Tier II Bonds.
Jammu and Kashmir Bank (J&K Bank) will allot 360 unsecured, subordinated, non-convertible, redeemable, fully-paid-up, basel III compliant tier II bonds in the nature of debentures of the face value of Rs 1 crore each, aggregating upto Rs 360 crore.J&K Bank is a state owned bank. The State Government of Jammu and Kashmir holds 70.12% in the bank.
J&K Bank's net profit rose 163.80% to Rs 173.95 crore on 7.33% decline in total income to Rs 2,175.99 crore in Q3 December 2021 over Q3 December 2020.
Shares of J&K Bank fell 1.66% at Rs 32.50 on the BSE.
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