J&K Bank launches QIP to raise Rs 750 crore, sets floor price of Rs 112
时间:2024-06-16 20:20:53 阅读（143）
Jammu and Kashmir Bank has commenced a Qualified Institutional Placement (QIP) with the goal of raising Rs 750 crore. This initiative is a strategic maneuver aimed at fortifying the company’s financial standing and facilitating growth initiatives. The board formally approved the decision to raise funds through QIP in July earlier this year.
Jammu and Kashmir Bank’s board has established the floor price for the issue at Rs 112.66 per share, indicating a discount of 10.02 percent from the company’s last closing price of Rs 125.20 on the National Stock Exchange (NSE). The approval for the issue price was granted during a meeting of the Capital Issuance Committee on December 11, as disclosed in a regulatory filing by the bank.
A Qualified Institutional Placement (QIP) is a mechanism that enables a listed company in India to generate capital by issuing securities to qualified institutional buyers (QIBs) without necessitating a public offering.
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