Jammu & Kashmir Bank is scouting for a foreign partner to pick up 49 per cent in its planned stock broking subsidiary, a top official said.
In August, the bank received the Reserve Bank of India's approval to set up a stock broking subsidiary. It also plans to come out with its $100 million issue of global depositary receipts by mid-December, he said.
The issue would comprise about 6 per cent of the bank's equity, he said. The bank, 53 per cent owned by the state government, over the weekend announced a 30 per cent rise in its quarterly net profit beating analyst forecasts. It posted July-Sept net profit of Rs 108 crore on total income of Rs 654 crore.
Read more in The Economic Times article.
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