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J&K Bank raises capital of over 1000 Cr as Tier II Bonds

SRINAGAR, DECEMBER 31: Strengthening its capital position further, J&K Bank has successfully raised Rs 1021 Cr as Tier- II Bonds from the market.

Commenting on the occasion, MD & CEO Baldev Prakash said, “We had prepared very well for the exercise and I am happy to see that the issue was oversubscribed by more than 100%.”

“It will not only help boost our expansion plans as envisaged in our strategy for business growth especially in 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.

“Under the dynamic leadership of our worthy MD&CEO, we have accomplished the task well and it will be reckoned in our capital adequacy for the quarter ending Dec-22”, said the Bank’s CFO Pratik D Punjabi.

Meanwhile, Capital Issuance Committee of the Bank’s Board has approved the allotment of these bonds.