JK Bank: No Deviation in Fund Utilization from Preferential Issues

Jammu & Kashmir Bank Limited has filed a Statement of Deviation(s)/Variation(s) in the utilization of funds raised through preferential issues. The bank raised ₹250 crores on March 20, 2017, ₹282 crores on June 7, 2017, and ₹500 crores on March 31, 2020. For all these issuances, the bank confirms that there has been no deviation or variation in the utilization of funds. The funds were raised to meet the growing business needs, including long-term capital requirements for growth plans and to maintain Capital Adequacy Ratio as per RBI guidelines. The entire amount raised has been utilized for the stated objectives.