Karur Vysya Bank to raise Rs. 1000 crore through QIP, raise FII limit to 40%

The Board of Directors of Karur Vysya Bank Ltd at its meeting held on August 06, 2013, have decided to place a proposal seeking consent of the shareholders for the issue of equity shares by way of Qualified Institutions Placement (QIP) in accordance with the SEBI Guidelines, with the approval of Reserve Bank of India and other Regulatory Authorities, up to Rs. 1000 cr.

The Board also approved proposal to raise the investment cap for the Foreign Institutional Investors (FII) upto a limit of 40% of the paid-up capital of the Bank subject to the approval of the shareholders of the bank and the Reserve Bank of India.

Shares of Karur Vysya Bank Ltd was last trading in BSE at Rs.346.25 up by Rs.9.05 or 2.68%. The stock hit an intraday high of Rs.347 and low of Rs.340.

The total traded quantity was 5275 compared to 2 week average of 14606.

Source : Equity Bulls

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