Jammu & Kashmir (J&K) Bank said that its board has approved a proposal to raise funds aggregating up to Rs 2,000 crore via a mix of debt and equity.
The bank's board has approved the raising of equity share capital up to Rs 500 crore in one or more tranches by way of rights issue/ preferential allotment/private placement/qualified institutional placement (QIP)/follow-on public offer (FPO) or any other approved route.
The board has also approved the raising of capital up to Rs 1,500 crore by way of non-convertible, redeemable, unsecured, Basel-III compliant, Tier-2 bonds in the nature of debentures on a private placement basis.
Srinagar-based J&K Bank is a scheduled commercial bank. It functions as a leading bank in the Union Territories of Jammu & Kashmir and Ladakh. The State Government of Jammu and Kashmir holds 70.12% in the bank.
J&K Bank's net profit fell 64.47% to Rs 112.20 crore on 4.81% rise in total income to Rs 2,209.40 crore in Q4 March 2022 over Q4 March 2021.
The scrip advanced 1.56% to end at Rs 26 on the BSE yesterday.
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