Jammu & Kashmir Bank has reportedly sold 1.44 lakh shares of McDowell Holdings through the open market route. The shares were sold on an average price of Rs 32.63 valuing the transaction to Rs 47.11 lakh.
Jammu & Kashmir Bank (JKB), a private sector scheduled commercial bank, 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.