Jammu and Kashmir Bank raises Rs 750 cr via QIP

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The Jammu and Kashmir Bank said it had received application forms for an aggregate of 6,97,02,602 fully paid-up equity shares of the Bank under its qualified institutions placement (QIP) issue at Rs 107.60 per equity share, aggregating ₹750 crore.

The Capital Issuance Committee of the Board of Directors of the Bank approved the closure of the QIP on December 14, 2023. The issue opened on December 11, 2023.

The Committee determined and approved the Issue Price of ₹107.60 per Equity Share (including a premium of ₹106.60 to the face value of Re.1 per Equity Share), which is at a discount of 4.49 per cent (i.e. ₹5.06 per Equity Share), to the Floor Price of ₹112.66 per Equity Share.

The Committee approved the Confirmation of Allocation Note to the Qualified Institutional Buyers, intimating them of allocation of Equity Shares pursuant to the QIP.