Karnataka Bank may hit QIP route to raise Rs 600 crore

The indicative floor price for the QIP is Rs 231.45 per share, a marginal discount to the previous close of shares of Karnataka Bank, CNBC-TV18 reported.

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Karnataka Bank is likely to raise Rs 600 crore through a Qualified Institutional Placement (QIP), CNBC-TV reported citing sources.

The indicative floor price for the QIP is Rs 231.45 per share, a marginal discount to the previous close of shares of Karnataka Bank, the report stated.

At 09.46 am, shares of Karnataka Bank were trading flat at Rs 232.75 on the NSE.

The QIP is likely a part of the company’s larger plan to complete a capital raise Rs 1,500 crore in this fiscal year.

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During the centenary celebration of the bank in Mangaluru, Srikrishnan H, MD and CEO of Karnataka Bank announced that the lender had successfully completed the first tranche of capital raise amounting to Rs 800 crore by October 2023.

He further mentioned that the bank was in the process of conducting the follow-up round of Rs 700 crore, bringing the total to Rs 1500 crore, which is expected to be completed within the current financial year.

Meanwhile, shares of the lender have surged over 70 percent in the past year as investors rushed to buy smaller banks in search of reasonable valuations.

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