J&K Bank plans to raise Rs 4,500 crore

State-owned Jammu & Kashmir Bank on Tuesday said it plans to raise up to Rs 4,500 crore in the current fiscal.

The bank’s Board of Directors will meet on August 28 to take a decision in this regard.

“We hereby inform that the Board of Directors of the bank shall consider the raising of capital (Tier I/Tier II) to the tune of Rs 4,500 crores during the Financial Year 2020-2021, in the meeting scheduled for August 28, 2020,” it said in a regulatory filing.

Shares of J&K Bank closed at Rs 17.90 apiece on BSE, down 0.56 per cent from the previous close.