Jammu & Kashmir Bank rises on getting boards nod to raise up to Rs 2,000 crore in FY23
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The Jammu & Kashmir Bank is currently trading at Rs. 26.30, up by 0.30 points or 1.15% from its previous closing of Rs. 26.00 on the BSE.
The scrip opened at Rs. 26.20 and has touched a high and low of Rs. 26.75 and Rs. 26.10 respectively. So far 78998 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 48.20 on 08-Nov-2021 and a 52 week low of Rs. 23.80 on 20-Jun-2022.
Last one week high and low of the scrip stood at Rs. 26.75 and Rs. 24.55 respectively. The current market cap of the company is Rs. 2499.85 crore.
The promoters holding in the company stood at 70.12%, while Institutions and Non-Institutions held 0.92% and 28.96% respectively.
Jammu & Kashmir Bank (J&K Bank) has received approval to raise up to Rs 2,000 crore, through a mix of debt and equity, in the current fiscal year 2022-23. The board of directors of the bank, in its meeting held on June 28, approved the capital raise plan.
The board approved to raise equity capital up to Rs 500 crore in one or more tranches by way of rights issue/ preferential allotment, private placement/ qualified institutional placement or a follow on public offer or any other approved route. It has also approved to raise up to Rs 1,500 crore capital by way of issuance of Basel III compliant tier II bonds in the nature of non-convertible debentures on a private placement basis.
Jammu & Kashmir Bank is engaged in the banking business. The company offers a range of products and services, such as loans, insurance, tax products/planning, savings and deposits, cards, mutual funds and non-resident banking.
