Jammu & Kashmir Bank said it will allot over 3.65 crore shares on preferential basis to the state government in lieu of capital funding of Rs 249.99 crore.
The decision was made at the board meeting held today.
J&K Bank said it will make preferential allotment of 3,65,55,051 equity shares for cash to government of Jammu & Kashmir at issue price of Rs 68.39 aggregating to Rs 249.99 crore.
J&K government is the promoter and majority shareholder of the bank.
As on December 31, 2016, the promoter group held 53.17 per cent in the bank, as per data on BSE.
Stocks of the bank closed 0.73 per cent up at Rs 75.50 on BSE.
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