Jammu Tawi, March 31 -- J&K Bank today received Rs 500 Cr capital infusion from the Jammu and Kashmir Administration today provided Rs. 500 Crore additional capital infusion to improve Bank's capital adequacy and to fund general business needs of the bank.
The fresh infused Rs 500 crore in being lent against allotment of equity on preferential basis in favour of J&K UT Administration (the successor of erstwhile J&K Government). The erstwhile J&K government held 59.23 per cent stake in Jammu & Kashmir Bank, and with the proposed allotment of 15, 65, 92, 546 equity shares of the lender would increase its stake by 8.95 per cent to 68.18 per cent.
Besides, the public shareholding in the bank will decrease from 40.77 per cent to 31.82 per cent...