Karnataka Bank allots shares worth Rs 800 crore to 5 investors
Karnataka Bank on Thursday approved the allotment of equity shares of Rs 10 face value worth about Rs 800 crore to HDFC Life Insurance, Bajaj Allianz Life Insurance, Quant Mutual Fund, Bharti AXA Life Insurance and Bajaj Allianz General Insurance on a preferential basis.
The bank board which met on Thursday approved the allotment after receiving 99.79% favorable votes from its shareholders for the preferential issue.
Karnataka Bank MD & CEO Srikrishnan H said in a statement: «We are happy to have completed a successful Capital raise through Pref Allotment of Rs.
800 crore to 5 Marquee Institutional Investors. This is a major step in our transformation journey providing us the growth capital that will facilitate all our developmental activities.”
Bank's Executive Director Sekhar Rao said: “This capital raise of Rs 800 crore through preferential issue of shares is a significant milestone in our journey towards growth and will help fortify our position in the market, enabling us to provide better services, expand our digital offerings, and maintain our commitment to excellence.
The capital infusion will bolster Karnataka Bank's financial position, providing the necessary resources to innovate, and meet the evolving demands of the market.
