ICICI Lombard to acquire 1.08 % stake in Karnataka Bank for ₹100 crore

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Karnataka Bank for ₹100 crore. "The Board of Directors of Karnataka Bank on January 27, 2024 had approved to issue, offer and allot 37,72,730 equity shares of face value of ₹ 10/- each fully paid-up at a price of ₹ 265.06/- per equity share, amounting to an aggregate value of up to ₹ 100 crore," the company said in an exchange filing. Also read: Market cap of 7 out of top 10 most valued firms decline by ₹1.16 lakh crore; HDFC Bank biggest laggard The Board of Directors of Karnataka Bank has granted approval for the infusion of an additional equity capital of ₹700 crore.

Within this allocation, up to ₹100 crore is earmarked for raising funds through a preferential issue of shares, while the remaining ₹600 crore will be garnered through private placement(s) and qualified institutions placements. In a separate decision, Karnataka Bank has given the green light for the issuance of up to 37.72 lakh equity shares with a face value of ₹10 each to ICICI Lombard General Insurance Company. Simultaneously, the board has authorized the issuance, offering, and allotment of fully paid-up equity shares with a face value of ₹10 each to eligible investors.

This issuance, totaling up to ₹600 crore, will be conducted through private placement(s), qualified institutions placement(s), and/or any combination thereof, in accordance with applicable laws and regulations. Also read: IPOs next week: Six new issues, 10 listings to keep primary market busy Karnataka Bank Limited is an Indian private sector bank based in Mangalore. It is a Scheduled Commercial Bank with a network of 905 branches.