Jammu & Kashmir Bank has received approval to raise up to Rs 2,000 crore through a mix of equity and debt. The board at its meeting on September 2, 2021, approved the plan to raise equity and debt capital up to Rs 1,000 crore each. The board has approved raising of equity capital up to Rs 1,000 crore in one or more tranches by way of rights issue/preferential allotment/private placement or qualified institutional placement (QIP) or any other approved mode.
Also, it approved to raise up to Rs 1,000 crore by issuing 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.
