Tag: J&K Bank

RBI approves appointment of Baldev Prakash as J&K Bank MD & CEO, BFSI News, ET BFSI

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New Delhi, Jammu & Kashmir Bank on Wednesday said the Reserve Bank has approved the appointment of Baldev Prakash as its next Managing Director and CEO from the next year. The Reserve Bank of India has vide letter dated October 26, 2021 accorded approval to the candidature of Prakash as MD & CEO of the Bank for a period of three years from the date of taking charge or April 10, 2022, whichever is earlier, J&K Bank said in a regulatory filing.

The state-owned lender will separately inform about the appointment of Baldev Prakash as MD & CEO by its board and the actual date of assuming charge by him.

Prakash has over 30 years of experience in banking in various roles at small and large size branches at SBI. He had joined SBI as a probationary officer in 1991 and he is currently the Chief General Manager (Digital and Transaction Banking Marketing Department) at SBI, Mumbai.

Presently, RK Chhibber is the Chairman and Managing Director of J&K Bank, who assumed charge of the bank in June 2019.

Jammu & Kashmir Bank stock traded at Rs 43.20 apiece on BSE, up 5.62 per cent from the previous close.



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J&K Bank gets shareholders’ nod to raise up to Rs 2,000 cr via equity, debt, BFSI News, ET BFSI

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Jammu and Kashmir Bank on Friday said it has received shareholders‘ nod to raise up to Rs 2,000 crore through equity and debt to fund its business. The shareholders at the annual general meeting on Friday approved the plan to raise equity and debt capital of up to Rs 1,000 crore each.

They approved raising of equity capital of up to Rs 1,000 crore in one or more tranches by way of rights issue/preferential allotment/private placement or qualified institutional placement (QIP) or any other approved mode, the bank said in a regulatory filing.

Also, shareholders approved raising up to Rs 1,000 crore by issuing Basel III compliant tier-II bonds in the nature of non-convertible debentures on a private placement basis.

Shareholders also cleared the appointment of Nitishwar Kumar and Mohmad Ishaq Wani as directors. PTI DP ABM ABM

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RBI nod to Jammu & Kashmir govt to acquire over 16.76 cr shares in J&K Bank, BFSI News, ET BFSI

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New Delhi: The Reserve Bank has accorded approval to Jammu & Kashmir government to acquire over 16.76 crore shares in J&K Bank on preferential basis. “The RBI vide its letter dated September 2, 2021 has accorded approval to Government of Jammu & Kashmir to acquire 16,76,72,702 fully paid-up equity shares on preferential basis, i.e., up to 74.24 per cent of the post issue paid-up voting equity capital of the bank subject to compliance of regulatory requirements,” J&K Bank said in a regulatory filing.

In August, the lender had said that Sebi had exempted the Jammu & Kashmir government from complying with its norms on substantial acquisition of shares and takeovers in the proposed acquisition of 16,76,72,702 equity shares (6.06 per cent) of the bank during 2021-22.

Earlier on April 1, the bank had said the Jammu & Kashmir government, as its promoter shareholder, has committed to infuse capital of up to Rs 500 crore in the bank.

In a separate filing, the lender said it has extended the issue closing date of J&K Bank Employee Stock Purchase Scheme, 2021 (JKBESPS 2021) to September 7, 2021 due to “prevailing circumstances”.

The issue under the employee stock purchase scheme (ESPS) was to close on September 3. The issue opened on August 27.

Under the ESPS, J&K Bank aims to raise up to Rs 150 crore by issuing 7.5 crore equity shares, in one or more tranches, to eligible employees of the bank.



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Govt of UT of Ladakh gets RBI nod to acquire 8.23% stake in J&K Bank

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The Reserve Bank of India has accorded its approval to the Government of the Union Territory (UT) of Ladakh to acquire 8.23 per cent of the paid-up equity capital of Jammu and Kashmir Bank Ltd as on the date of enforcement of Jammu and Kashmir Reorganisation Act, 2019 ( October 31, 2019).

This move follows the Government of Jammu and Kashmir’s October 30, 2020, Order regarding the transfer of 8.23 per cent shareholding (about 4.58 crore equity shares) in Jammu and Kashmir Bank as of October 31, 2019, to the UT of Ladakh, the bank said in a statement.

This is subject to compliance with the relevant provisions of Banking Regulation Act, 1949, RBI Master Direction on Prior approval for the acquisition of shares or voting rights in private sector banks, Master Direction on Ownership in Private Sector Banks, among others, it added.

As of June end 2021, the Government of Jammu and Kashmir was the majority shareholder, owning 68.18 per cent stake in the bank.

The bank, which declared its financial results on July 14, reported a net profit of ₹317 crore in the fourth quarter ended March 31, 2021, against a net loss of ₹294 crore in the year-ago quarter and a net profit of ₹66 crore in the December 2020 quarter.

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J&K Bank defers board meet on proposed Rs 500 cr-capital infusion from state govt, BFSI News, ET BFSI

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Jammu & Kashmir Bank (J&K Bank) has postponed its board meeting to discuss the proposal of Rs 500 crore capital infusion from the state government.

The meeting of the board of directors of the bank scheduled for Wednesday, May 12, 2021 to consider/discuss the proposal of capital infusion by the government of Jammu & Kashmir to the tune of Rs 500 crore in the bank stands postponed, the bank said in a regulatory filing.

The bank has not given the reason behind the postponement.

The new date for the said meeting shall be communicated separately, it added.

Stock of J&K Bank traded at Rs 26.10 apiece on BSE, up 2.76 per cent from previous close.

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J&K Bank board decides to transfer 8.23% stake to UT of Ladakh, BFSI News, ET BFSI

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J&K Bank on Tuesday said its board has given in-principle approval to transfer 8.23 per cent stake to Union Territory of Ladakh. It is to be noted that the state was divided into union territories of Jammu & Kashmir and Ladakh after the abrogation of Article 370 in 2019.

The board decided “to give its ‘In-principle approval’ for implementation of General Administration Department, Govt. of Jammu and Kashmir…in terms of which ownership of 8.23 per cent out of its (J&K Govt.) shareholding in Jammu and Kashmir Bank (4,58,29,445 Equity Shares) as on October 31, 2019, shall be transferred to UT of Ladakh,” the bank said in a regulatory filing.

One post of director on the Board of the J&K Bank is earmarked for the UT of Ladakh.

The union territory status came into effect from October 31.

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