India New Issue-J&K Bank to issue Tier II bonds - traders

Jammu And Kashmir Bank

26/12/2022 08:59

MUMBAI, Dec 26 (Reuters) - India's Jammu and Kashmir
Bank  JKBK.NS  plans to raise at least 5 billion rupees ($60.47
million) through Basel III-compliant Tier II bonds maturing in
10 years, according to a draft term sheet and merchant bankers
on Monday.
    The company has invited bids from merchant bankers and
investors for the issue on Wednesday on the Bombay Stock
Exchange's electronic platform.
    The issue also has a greenshoe option to retain an
additional subscription of up to 10 billion rupees.
    The bonds, rated A+ by India Ratings and CARE, will close
for subscription on Friday.
($1 = 82.6800 Indian rupees)
 (Reporting by Bhakti Tambe and Dharamraj Dhutia
Editing by Krishna Chandra Eluri)
 ((Bhakti.tambe@tr.com))