J&K Bank gets RBI nod for reduction in authorized capital

Jammu & Kashmir Bank Ltd on Friday said it has received RBI approval for reduction in its authorized capital from Rs 100 crore divided into 100 crore equity shares to Rs 95 crore divided into 95 crore equity shares. In a filing to the Bombay Stock Exchange, the Bank said, “it has received approval from the RBI for reduction in the authorized capital of the Bank from Rs 100 crore divided into 100 crore equity shares of Rs 1 each to Rs 95 crore divided into 95 crore equity shares of Rs 1 each pursuant to Section 12 and 49C of the Banking Regulation Act, 1949.” Meanwhile, shares of the Bank closed at Rs 69.85 apiece, down 5.61 per cent, from previous close on BSE.