J&K Bank to raise Rs 360 cr via tier II bonds

he bank's board approved raising Rs 360 crore through allotment of Basel III Compliant Tier II Bonds.

Jammu and Kashmir Bank (J&K Bank) will allot 360 unsecured, subordinated, non-convertible, redeemable, fully-paid-up, basel III compliant tier II bonds in the nature of debentures of the face value of Rs 1 crore each, aggregating upto Rs 360 crore.

J&K Bank is a state owned bank. The State Government of Jammu and Kashmir holds 70.12% in the bank.

J&K Bank's net profit rose 163.80% to Rs 173.95 crore on 7.33% decline in total income to Rs 2,175.99 crore in Q3 December 2021 over Q3 December 2020.

Shares of J&K Bank fell 1.66% at Rs 32.50 on the BSE.

J&K Bank to raise Rs 360 cr via tier II bonds

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