Jammu & Kashmir bank for FII stake hike

Jammu & Kashmir bank has applied to Reserve Bank of India to increase the limit of foreign institutional investors in the bank to 40% from 33%. This follows the board's approval to increase the FII limit in the bank.

Allahabad Bank raises Rs.561 crore

The Bank has raised Rs.561.90 crore through private placement of redeemable subordinated debt instrument or lower tier-II bonds to strengthen its capital base. While the face value of each bond was Rs.10 lakh, they had a coupon rate of 8.85 % per anum payable for a tenure of 120 months. The bank's capital adequacy ratio is already at 12.24%.