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Jammu & Kashmir Bank on Thursday said a meeting of its board of directors is scheduled to be held on March 20 to consider and approve the allotment of equity shares to the J&K state government on a preferential basis, aggregating to an amount of about Rs 250 crore.
The issue of 3,65,55,051 equity shares of Re 1 each fully paid-up to the J&K government will be at the issue price of Rs 68.39 per equity share (including a premium of Rs. 67.39 per equity share), the bank said in a stock exchange notification.
As at December-end 2016, the J&K government held 53.17 per cent stake in the bank. The other big minority shareholders in the bank include Life Insurance Corporation of India (3.17 per cent), and foreign portfolio investors such as 'Government Pension Fund' (2.39 per cent) and East India Capital Market Fund Ltd (2.05 per cent).
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