Karnataka Bank allots 37,72,730 shares to ICICI Lombard General Insurance Company Ltd

The Committee of Directors of the Board of the Karnataka Bank Limited ("the Committee") at its meeting held today (i.e., 28.02.2024) has approved the allotment of 37,72,730 (Thirty Seven Lakh Seventy Two Thousand Seven Hundred and Thirty) equity shares ("Shares") of face value of ₹ 10/- (Indian Rupees Ten only) at a premium of ₹ 255.06/- each (Indian Rupees Two Hundred Fifty-Five and Six Paisa only) on preferential basis to ICICI Lombard General Insurance Company Limited for a consideration of Rs. 99,99,99,813.80.

The Shares so allotted shall rank pari-passu, in all respects, with the existing equity shares of the Bank.

The Bank has received in-principle approval from the Stock Exchanges, viz. National Stock Exchange of India Limited and BSE Limited, for issuance of the aforesaid Equity Shares on a preferential basis.

Post allotment, the fully paid-up equity share capital of the Bank stands increased to Rs.3,50,81,82,400 comprising of 35,08,18,240 equity shares of ₹ 10/- each.

Shares of The Karnataka Bank Limited was last trading in BSE at Rs. 230.20 as compared to the previous close of Rs. 240.70. The total number of shares traded during the day was 203693 in over 7885 trades.

The stock hit an intraday high of Rs. 242.35 and intraday low of 227.50. The net turnover during the day was Rs. 47261901.00.

Source : Equity Bulls

Keywords

TheKarnatakaBank INE614B01018 PreferentialIssue SharesAllotment ICICILombardGIC