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Jammu and Kashmir Bank to raise up to Rs 4,500 cr by issuing shares, bonds

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NEW DELHI: State-owned Jammu and Kashmir Bank in Friday said it programs to raise up to Rs 4,500 crore by issuing equity stocks and bonds.

The aboard of directors of the lender has approved to raise “equity share capital up to Rs 3,500 crore in one or more tranches by way of rights issue/preferential allotment/private placement/qualified institutional placement/ESPS or any other approved mode”, it said in a company filing.

The board likewise approved raising of funds up to Rs a single,000 crore by strategy for non-convertible, redeemable, unsecured, Basel-III compliant, tier-II bonds inside the nature of debentures over a private placement basis, the item added.

The lender declared board decisions are area of interest to approval of investors at the ensuing annual common meeting and other company approvals.

Jammu and Kashmir Bank scrip closed 5.26 per cent up on Rs 19.60 each on the BSE.

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