Mangaluru: The Committee of Directors of the Board of Karnataka Bank, at its meeting held today, have approved the allotment of 3,34,00,132 equity shares of face value of ₹ 10/- each, to HDFC Life Insurance Company Limited, Bajaj Allianz Life Insurance Company Limited, Quant Mutual Fund, Bharti AXA Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited (“Allottees”), at a price of ₹ 239.52/- per equity share (including premium of ₹ 229.52/- per equity share), amounting to an aggregate of ₹ 799,99,99,616.64 (Rupees seven hundred ninety nine crores ninety nine lakhs ninety nine thousand six hundred sixteen and paise sixty four only ) on a preferential basis. The Bank received 99.79% favourable votes from its shareholders for this preferential issue.
Srikrishnan H., MD and CEO of Karnataka Bank, stated, “We are happy to have completed a successful Capital raise through Pref Allotment of Rs. 800 crores to 5 Marquee Institutional Investors. This is a major step in our transformation journey providing us with the growth capital that will facilitate all our developmental activities”
Sekhar Rao, Executive Director of Karnataka Bank, stated, “This capital raise of 800 crores 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. This development is a testament to the bank’s unwavering dedication to excellence and the confidence it has earned among its stakeholders.”
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