The Jammu and Kashmir Bank Limited announced a private placemen to issue 69,702,602 shares at an issue price of INR 107.60 for the gross proceeds of INR 7,499,999,975.2 on December 15, 2023. The transaction included participation from new investors Ashoka India Opportunities Fund, a fund managed by White Oak Capital Partners Pte. Ltd. for 4,835,693 shares and Goldman Sachs India Limited for 5,576,214 shares.

The transaction has been approved by the shareholders of the company.