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 ... Read more