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The Hindu
The Hindu
National
The Hindu Bureau

Karnataka Bank approves allotment of equity share capital of ₹600 crore under QIP

The Committee of Directors of Karnataka Bank, in its meeting held on March 28, approved the allotment of shares pursuant to the Qualified Institutional Placement (QIP), at a price of ₹227.00 per equity share (including premium of ₹217.00 per share), amounting to an aggregate of up to ₹600 crores.

The QIP for ₹600 crores opened on March 21, and closed on March 27.

This capital raise, comprising the QIP of ₹600 crores, with the preferential issues of ₹800 crores in October 2023 allotment, which was approved by the Committee of Directors on October 26, 2023, and ₹100 crores in February 2024 allotment, which was approved by the Committee of Directors on February 28, 2024, marks the completion of the planned capital raise program of ₹1,500 crores announced in September 2023.

The proceeds of the Issues will be utilised to meet the needs of the growing business of the bank, a bank release said on Thursday.

The release quoted Srikrishnan H., MD & CEO of the Bank of having said: “We welcome our new Institutional Investors and thank them for their trust and confidence in our journey. This milestone completes the Capital raising program for FY’23-24 as committed and has achieved significant broad-basing of the Institutional holding in the Bank.”

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