Excelsior Correspondent
JAMMU, June 5: The Board of Directors of Jammu and Kashmir Bank has approved raising of capital by issue of equity shares through preferential allotment to the Government of Jammu and Kashmir for an amount up to Rs 500 crore subject to the shareholders and other regulatory approvals.
The Jammu and Kashmir Government is promoter and majority shareholder of the Bank.
Decision to this effect was taken in a meeting of the Board of Directors of the Jammu and Kashmir Bank held yesterday.
The Board of Directors also approved appointment of Dr Altaf Hussain Kira, Assistant Vice President, as Chief Risk Officer of the Bank with effect from June 4, 2021 in place of Tabasum Nazir for a period of three years.
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