Jammu & Kashmir Bank (J&K Bank) has received approval to raise up to Rs 2,000 crore, through a mix of debt and equity, in the current fiscal year 2022-23. The board of directors of the bank, in its meeting held on June 28, approved the capital raise plan.
The board approved to raise equity capital up to Rs 500 crore in one or more tranches by way of rights issue/ preferential allotment, private placement/ qualified institutional placement or a follow on public offer or any other approved route. It has also approved to raise up to Rs 1,500 crore capital by way of issuance of 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.
