The J&K Bank Board of Directors have recommended a stock split of 10:1. The private sector lender’s Board on Thursday announced the proposal to pave the way for more liquidity in the lender’s shares.
“The Board of Directors of J&K Bank Ltd has opted for a 10:1 stock split (10 shares of ₹1 each for every one share of ₹10 held) at its meeting held on June 12,” the bank said in a statement.
The decision of the board would be subject to approval of the shareholders at the ensuing Annual General Meeting of the bank scheduled to be held on August 2. At present, the Government of J&K (53.17 per cent), along with foreign institutional investors (28.77 per cent), hold 81.94 per cent of the total equity shares of the bank, while the remaining 18.06 per cent is held by other investors.
On Thursday, the shares ended at ₹1,631.40 apiece, down 0.46 per cent over the previous day’s close.
Promotions Meanwhile, the bank promoted six of its Presidents to Senior Presidents.
The new Senior Presidents include Vagish Chander, Shafat Ahmad Banday, Meera Jamwal, Roop Krishan Shah, Surjeet Singh Sehgal and Abdul Rauf Bhat.
Mushtaq Ahmad, Chairman & CEO, said, “The promotions are part of the bank’s plan to allow further momentum at the leadership level to consolidate upon growth and expansion.”