NEW DELHI: J&K Bank will issue over 3.65 crore shares on preferential basis to the State Government to raise Rs 250 crore.
J&K Bank said the allotment to Government of Jammu & Kashmir, promoter and majority shareholder of the bank, will be at Rs 67.39 per share aggregating to over Rs 249.99 crore.
“It is proposed to offer, issue and allot on a preferential basis, equity shares of the Bank for an amount not exceeding Rs 250 crore to the J&K Government,” J&K Bank said in a regulatory filing.
It said it is raising funds to meet needs of bank’s growing business, including long term capital requirements for pursuing its growth plans and to maintain its capital adequacy ratio.
The bank will issue 3,65,55,051 equity shares to the State Government. (AGENCIES)