Jammu and Kashmir Bank jumps on planning to put up for sale NPAs of Rs 960 crore
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Jammu & Kashmir Bank is currently trading at Rs. 37.85, up by 0.60 points or 1.61% from its previous closing of Rs. 37.25 on the BSE.
The scrip opened at Rs. 37.65 and has touched a high and low of Rs. 38.95 and Rs. 37.15 respectively. So far 969955 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. 38.95 and Rs. 29.90 respectively. The current market cap of the company is Rs. 3610.36 crore.
The promoters holding in the company stood at 68.03%, while Institutions and Non-Institutions held 2.94% and 29.03% respectively.
Jammu and Kashmir Bank is planning to put up for sale non-performing assets to the tune of Rs 960 crore, as part of its efforts to improve its balance sheet. The bank is hoping that the process of sale of these non-performing assets to the National Asset Reconstruction Company (NARCL) will be completed by the end of this month.
Jammu and Kashmir Bank's Rs 960 crore NPAs are part of the Rs 9,234 crore bad assets of the Public Sector Undertaking (PSU) lenders that the NARCL has offered to buy at Rs 3,570 crore in the first phase. The proceeds from the sale of the NPAs, which the NARCL is doing on 15-85 basis over a period of five years, will aid Jammu and Kashmir bank's plans to raise capital for its foray into markets beyond the union territory of Ladakh and Jammu and Kashmir.
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.
