J&K Bank raises Rs 1000 crore capital as Tier-II Bonds

Srinagar, Dec 31 (PTI) Jammu and Kashmir Bank on Saturday said it has raised Rs 1,021 crore as Tier-II bonds from the market as part of its efforts to strengthen its capital position.

“The issue was oversubscribed by more than 100 per cent,” J K Bank MD & CEO Baldev Prakash said.

“It will not only help boost our expansion plans as envisaged in our strategy for business growth especially in the rest of the country by improving our risk bearing capacity substantially but will also go a long way in maintaining adequate capital buffers over and above the regulatory BASEL – III compliance requirement”, he added.

Bank CFO P D Punjabi said the bank has accomplished the task well and it will be reckoned in the capital adequacy for the quarter ending December 2022.

The capital issuance Committee of the bank’s board has approved the allotment of these bonds, a spokesman of the bank said.