ICICI Lombard GIC will acquire a 1.08 % stake in Karnataka Bank for Rs 100 crore.
"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 firm said in an exchange filing.
The Board of Directors of Karnataka Bank had approved raising of Rs 700 crore additional equity capital. Of the Rs 700 crore, an amount up to Rs 100 crore would be raised through preferential issue of shares and Rs 600 crore through private placement(s) and qualified institutions placement(s).
Karnataka Bank had approved the issuance of up to 37.72 lakh equity shares of face value of Rs 10 to ICICI Lombard General Insurance Company. The bank's board also approved to issue, offer and allot equity shares of face value of Rs 10 each fully paid-up, to permitted investors amounting to an aggregate of up to Rs 600 crore through private placement(s), qualified institutions placement(s) and/or any combination thereof or any other method as may be permitted under applicable laws.