Karnataka Bank has planned to raise Rs 100 crore worth of preferential shares to ICICI Lombard General Insurance.
The preferential shares are set to be priced at Rs 265.06 a piece, reflecting the bank’s commitment to fortify its position in the market. This initiative follows a previous board decision in September of the last year to raise a total of Rs 1,500 crore.
In October, the bank had secured Rs 800 crore through a preferential issue of shares, marking a significant step in fulfilling its capital augmentation goals.
Srikrishnan Keech, MD and CEO, Karnataka Bank, said, “This proposed capital infusion is a validation of our positioning for growth and stability. We welcome ICICI Lombard General Insurance to our CapTable adding to the already well represented institutional holdings. We are confident about our follow-up funding round that will attract marquee investors standing by our committed performance in the future.”
