J&K Bank to shift 8.23% stake to Ladakh

NEW DELHI, Jan 19:
J&K Bank today said its board has given in-principle approval to transfer 8.23 per cent stake to Union Territory of Ladakh.
It is to be noted that the State was divided into Union Territories of Jammu & Kashmir and Ladakh after the abrogation of Article 370 in 2019.
The board decided “to give its ‘In-principle approval’ for implementation of General Administration Department, Govt. Of Jammu and Kashmir…In terms of which ownership of 8.23 per cent out of its (J&K Govt.) shareholding in Jammu and Kashmir Bank (4,58,29,445 Equity Shares) as on October 31, 2019, shall be transferred to UT of Ladakh,” the bank said in a regulatory filing.
One post of director on the Board of the J&K Bank is earmarked for the UT of Ladakh.
The Union Territory status came into effect from October 31. (PTI)