NEW DELHI, Sept 2:
State-owned Jammu & Kashmir Bank today said its Board has approved proposal to raise up to Rs 2,000 crore through a mix of equity and debt.
The Board at its meeting on September 2, 2021, approved the plan to raise equity and debt capital up to Rs 1,000 crore each.
The Board has approved raising of equity capital up to Rs 1,000 crore in one or more tranches by way of rights issue/preferential allotment/private placement or qualified institutional placement (QIP) or any other approved mode, the bank said in a regulatory filing.
Also, it approved to raise up to Rs 1,000 crore by issuing Basel III compliant tier II bonds in the nature of non-convertible debentures on a private placement basis, it added.
The lender said the nod for the fundraising plan by its board is subject to the approval of shareholders at its ensuing Annual General Meeting (AGM), and other regulatory approvals.
Shares of J&K Bank closed at Rs 36.75 apiece on BSE, up 0.82 per cent from the previous close.
Meanwhile, Jammu & Kashmir Bank (J&K Bank) today said the Government has nominated IAS officer Atal Dulloo as a Director on its Board.
The Government of Jammu & Kashmir has nominated Atal Dulloo, IAS (Financial Commissioner, Additional Chief Secretary), Finance Department, as Government nominee Director on the Board of Directors of the bank, J&K Bank said in a regulatory filing.
Dulloo’s nomination has come in place of Arun Kumar Mehta, with effect from September 1, 2021.(PTI)
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