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For ₹100 Crore, ICICI Lombard to Purchase a 1.08 percent Interest in Karnataka Bank

On January 28, ICICI Lombard declared that it would pay ₹100 crore to purchase a 1.08 percent share in Karnataka Bank.

“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 business stated in its exchange filing.

The Karnataka Bank Board of Directors has approved the infusion of an extra ₹700 crore in equity capital. This allotment has ₹100 crore set aside for preferred share issuance as a means of raising capital, with the remaining ₹600 crore coming from private placement(s) and placements with qualifying institutions.

In a different ruling, Karnataka Bank approved the issuing of up to 37.72 lakh equity shares to ICICI Lombard General Insurance Company, each with a face value of ₹10. The board has also approved the issue, offering, and distribution of fully paid-up equity shares to qualified investors, each with a face value of ₹10.

In compliance with relevant laws and regulations, this offering, which has a maximum value of ₹600 crore, will be carried out by private placement(s), placement(s) at eligible institutions, and/or any combination of these.

Located in Mangalore, Karnataka Bank Limited is a private sector bank in India. It has a network of 905 branches and is a Scheduled Commercial Bank. It serves more than 13 million consumers nationwide and employs 8,652 people. The bank’s market capitalization, as of January 25, 2024, is ₹ 85 billion.

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