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.
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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.
The bank reserves the right to optionally provide a discount of up to 5% on the floor price calculated for the Qualified Institutional Placement (QIP). The determination of the issue price will be a collaborative decision between the bank and the book-running lead managers appointed for the QIP.
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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.
