Jammu & Kashmir Bank has offloaded 1.65 lakh shares of UB group company McDowell Holdings through the open market route. The shares were sold on an average price of Rs 31.37 valuing the transaction to Rs 51.85 lakh.
Jammu & Kashmir Bank (JKB) was incorporated on October 1, 1938 and commenced business from July 4, 1939 from its registered office at Residency Road Srinagar, Kashmir. JKB is the only state government owned bank in the country with the Government of J&K (GoJK) holding around 53% shareholding in the bank. JKB holds a monopolistic position in the state of J&K constituting majority of the credit and deposits in the state.
