Jammu & Kashmir Bank Ltd got a board approval to raise capital through a mix of depository receipts and FCCBs, QIPs and preferential allotment to its promoters viz J&K state.
The bank informed BSE that it will raise money either through global depository receipts (GDRs) or Amercian depository receipts (ADRs) or FCCBs or by way of a qualified institutional placement .
?The bank requires capital in the range of Rs 600-700 crore for its various needs?, said Haseeb A Drabu, chairman & chief executive officer of the bank. The capital will be used to fund advances growth, subsidiaries and expansion, he added. The issue is likely to hit the market by September or October, Drabu said.
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