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J&K Bank looks to raise up to Rs 150 cr by offering shares to employees

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New Delhi: State-owned Jammu & Kashmir Bank is looking to raise up to Rs 150 crore by issuing shares to its employees under the Employee Stock Purchase Scheme, the lender said on Wednesday.

The Compensation Committee of the board in its meeting on June 16, 2021, has recommended issuance of 7.5 crore equity shares of the face value of Re 1 each aggregating up to Rs 150 crore (including premium) in one or more tranches to eligible employees of the bank, it said in a regulatory filing.

The stock will be allotted under the J&K Bank Employees Stock Purchase Scheme, 2021.

Shares of J&K Bank closed at Rs 30.55 apiece on BSE, up 4.27 percent from its previous close. 

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