Karnataka Bank Approves Allotment of Shares Under Qualified Institutional Placement: Know More

The Committee of Directors of Karnataka Bank has approved the allotment of shares under the Qualified Institutional Placement (QIP), at Rs 227 per equity share (including premium of Rs 217 per share), amounting to an aggregate of up to Rs 600 crore. The QIP for Rs 600 crore opened on March 21, and closed on March 27, stated a release.

The response to the QIP underlines the support from the investor community for the bank. This capital raise comprising the QIP of Rs 600 crore, along with the preferential issues of Rs 800 crore in Oct last year allotment and Rs 100 crore in Feb, marks the completion of the planned capital raise programme of Rs 1,500 crore announced in Sept 2023.

NovaaOne Capital Private Limited acted as the sole advisor to the entire capital raise of Rs 1,500 crore. Ambit Private Limited and Avendus Capital Private Limited acted as the Book Running Lead Managers for the QIP.