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Jammu & Kashmir Bank’s board of directors on Thursday approved sub-division of its share in the ratio of 1:10. This means one equity share of the bank having a face value of ₹10 each would be split into 10 equity shares of face value ₹1 each. The stock split proposal is subject to approval by the lender’s shareholders. At present, Government of J&K holds 53.17 per cent and FIIs control 28.77 per cent stake in the bank. It reported a net profit of ₹250.6 crore in the fourth quarter ended March 31, 2014.
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