J&K Bank board to meet next week to consider raising of capital

NEW DELHI: The Jammu & Kashmir government will infuse up to Rs 500 crore into Jammu and Kashmir Bank (J&K Bank) as its promoter shareholder. In a regulatory filing the public sector lender said its board will meet next week to consider the said proposal.

"The Board of Directors of the Bank will meet on Wednesday, May 12, 2021... to consider/discuss the proposal of capital infusion by the Government of Jammu & Kashmir as its promoter shareholder to the tune of Rs 500 crore in the bank," Jammu & Kashmir Bank said in a regulatory filing.

Shares of Jammu & Kashmir Bank were trading 1.02 per cent higher at Rs 24.85 apiece on BSE.