The Jammu and Kashmir Bank Ltd. has raised Rs 750 crore through qualified institutional placement.
The bank has approved the closure of the issue period for QIP pursuant to receipt of application forms for 6.97 crore fully paid-up equity shares and funds in the escrow account, it said in an exchange filing on Thursday.
It approved the issue price of Rs 107.60 per share, which indicates a discount of 4.49% to the floor price of Rs 112.66 per share.
The company also approved confirmation of Allocation Note that is to be sent to investors of the QIP, intimating them of allocation of equity shares, it said.
In its meeting held on July 15, the board approved raising up to Rs 750 crore.
On Dec. 12, Indian Bank had launched its qualified institutional placement to raise up to Rs 4,000 crore at a floor price of Rs 414.44 apiece.
Shares of J&K Bank closed 0.95 % higher at Rs 129.90 apiece on the NSE, as compared with a 1.23% advance in the benchmark Nifty 50.
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