J&K Bank to raise Rs 150 crore by issuing shares to employees

The Jammu and Kashmir Bank said on Wednesday that it has decided to raise Rs 150 crore by issuing shares to its employees under the employee stock purchase scheme.

The decision followed the meeting of the bank's compensation committee on Wednesday which recommended issuance of Rs 7.5 crore equity shares of the face value of Re 1 each aggregating to Rs 150 crore in one or more tranches to bank's eligible employees.

The Bank's shares appreciated by 4.27 per centfrom its previous value and closed at Rs 30.55 per share on the BSE. - IANS