The Hindu Business Line : Karnataka Bank gets nod for QIP issue

Mangalore, Aug. 9 The 85th Annual General Meeting of Karnataka Bank Ltd here gave its approval to the issue of equity shares through qualified institutional placement for an amount not exceeding Rs 500 crore.

Seeking the approval of shareholders at the meeting, Mr Ananthakrishna, part-time non-executive Chairman of the bank, said that the shareholders had given their approval for the proposal during the 84th AGM held on July 12, 2008. However, the bank could not issue the shares in view of the adverse market conditions then.

The bank needed fresh approval from the AGM if it was to issue shares through QIP route. “This enabling clause will help us when we want to raise the capital,” he said, adding that the issue price, proportion and timing will be decided by the board of the bank in due course.

Later, addressing the shareholders, Mr P. Jayarama Bhat, Managing Director and CEO, said the bank was growing at 20 per cent. For the current financial year, the bank has set a target to achieve business of Rs 39,000 crore.

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