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.
