Karur Vysya Bank opens QIP

Subsequent to the approval accorded by the Board of Directors of Karur Vysya Bank Ltd, at its meeting held on August 06, 2013 and the approval of the shareholders of the Bank by way a special resolution dated October 07, 2013 for raising capital through QIP, QIP Committee of the Bank has at its meeting held on August 19, 2014, passed resolutions in connection with the QIP.

The Board authorized the opening of the QIP on August 19, 2014. The BOard also approved and adopted the preliminary placement document dated August 19, 2014, in connection with the QIP, (the "Preliminary Placement Document").

In relation to the QIP, the Company have filed the preliminary placement document dated August 19, 2014 with stock exchange on August 19, 2014.

The 'Relevant Date' for this purpose, in terms of Regulation 81(c)(i) of the SEBI Regulations, is August 19, 2014 and accordingly the floor price in respect of the aforesaid QIP, based on the pricing formula as prescribed under Regulation 85(1) of the SEBI Regulations is Rs. 461.70 per equity share.

Shares of KARUR VYSYA BANK LTD. was last trading in BSE at Rs.470.25 as compared to the previous close of Rs. 459.15. The total number of shares traded during the day was 8012 in over 771 trades.

The stock hit an intraday high of Rs. 476 and intraday low of 460. The net turnover during the day was Rs. 3749224.

Source : Equity Bulls

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