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The board of directors of Jammu & Kashmir Bank on Tuesday gave approval for transfer of 8.23 per cent of Jammu & Kashmir government’s stake to the Union Territory of Ladakh. The transfer of 4.583 crore shares is in accordance with the implementation of Jammu & Kashmir's general administration department notification (October 30, 2020), and based on October 31, 2019 levels, the Bank said in a disclosure to stock exchanges. As on December 30, the J&K Government, which is designated as promoter of the bank, held 68.18 per cent in the bank. Shares of J&K Bank gained 1.93 per cent at ₹29 on the BSE.
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