Karnataka Bank has raised around Rs600 crore through qualified institutional placement by issuing shares to institutional investors.

Banking & Finance

Karnataka Bank has raised around Rs600 crore through qualified institutional placement by issuing shares to institutional investors. The qualified institutional placement (QIP) opened on 21 March 2024 and closed on 27 March 2024. Private lender Karnataka Bank’s committee of directors approved the allotment of shares worth Rs600 crore at a price of Rs227 apiece to qualified institutional investors. Novaa One Capital acted as the sole advisor to the entire capital raise of Rs1,500 crore, while Ambit and Avendus Capita acted as the book-running lead managers for the QIP.


      The capital raise comprised the QIP of Rs600 crore along with the preferential issue of Rs800 crore in October 2023.

     

     

 

     


Karnataka Bank

Founded- February 1924
HQ- Mangaluru
          ____________________________