Jammu and Kashmir Bank Ltd approves allotment Of 3,65,55,051 Equity Shares to The Government Of Jammu & Kashmir

Pursuant to the special resolution passed by the members of Jammu and Kashmir Bank Ltd on March 15, 2017 through postal ballot for issue of 3,65,55,051 equity shares of Rs. 1/- each fully paid up to the J&K Govt. on a preferential basis, in-principle approvals received from the stock exchanges and subject to receipt of the requisite approval from the Reserve Bank of India.

A meeting of the Board of Directors of the Bank is scheduled to be held on Monday, 20th March, 2017 to consider and approve the allotment of 3,65,55,051 equity shares of Re. 1/- each fully paid-up to the J&K Govt.on a preferential basis at the issue price of Rs. 68.39 per equity share (including a premium of Rs. 67.39 per equity share) aggregating to an amount of Rs. 249,99,99,938.

Shares of JAMMU & KASHMIR BANK LTD. was last trading in BSE at Rs.72.3 as compared to the previous close of Rs. 70.6. The total number of shares traded during the day was 117697 in over 1123 trades.

The stock hit an intraday high of Rs. 72.6 and intraday low of 70. The net turnover during the day was Rs. 8476299.

Source : Equity Bulls

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