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Jammu & Kashmir Bank raises 10B rupees via debentures

Jammu & Kashmir Bank Ltd. raised 10 billion rupees via an offering of Basel III-compliant, Tier 1 bonds in the nature of debentures on a private placement basis.

The debentures were priced with a coupon rate of 10.5% per year.

The proceeds from the issuance will be used to augment the bank's additional Tier 1 capital and overall capital to strengthen its capital adequacy and enhance its long-term resources.

The issuance opened and closed June 13. The debentures will be listed on the wholesale debt market segment of the BSE.

As of June 14, US$1 was equivalent to 67.64 Indian rupees.