Karnataka Bank Raises Rs 600 Crore Via QIP

Karnataka Bank on Thursday said it has raised around Rs 600 crore through qualified institutional placement by issuing shares to institutional investors.

The qualified institutional placement opened on March 21 and closed on March 27.

"...The Committee of Directors at its meeting held today, approved the issue and allotment of 2,64,31,718 equity shares to 25 eligible qualified institutional buyers at the issue price of Rs 227 per equity share...aggregating to Rs 599.99 crore," the bank said in a regulatory filing.

The institutions which bought shares in the QIP include HSBC Mutual Fund, Morgan Stanley Asia Singapore PTE, HSBC Global Investment Funds, SBI Life Insurance Company, Franklin India Smaller Companies Fund and Max Life Insurance Company.

Shares of Karnataka Bank settled at Rs 225.10 apiece, down 1.53% over the previous close on the BSE.