IFC to pick stake in Karnataka Bank

Karnataka Bank Ltd has announced that the Board of Directors of the Bank at its meeting held on October 05, 2007, has resolved to issue 63,73,000 equity shares of Rs 10 each to International Finance Corporation (IFC), Washington on preferential basis as per SEBI (DIP) Guidelines subject to the approval by the members in the General Meeting and such other approvals.

The Bank has also been resolved to convene an Extraordinary General Meeting of the members of the Bank on October 31, 2007, to obtain approval from the members of the Bank under Section 81(1A) of the Companies Act, 1956 for the above issue and also for other items of business included in the notice.

The Board has also resolved to issue Upper Tier 2 bonds on private placement basis to IFC to the extent of US$ 10 million.

The stock was trading at Rs.234, down by Rs.6.45 or 2.68%. The stock hit an intraday high of Rs.251 and low of Rs.233.50.

The total traded quantity was 159531 compared to 2 week average of 77392.

Source : Equity Bulls

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