Hot Pursuit     22-Mar-22
Karnataka Bank board approves fund raising upto Rs 300 cr
The bank said that its board has approved raising upto Rs 300 crore by issuing subordinated bonds.
The bank's board approved the proposal for issuance of Basel III compliant unsecured tier-2 subordinated bonds in the nature of debentures with a base issue size of Rs 150 crore and a green shoe option to retain oversubscription up to Rs 150 crore, aggregating to Rs 300 crore.

The bank said it will raise the funds in one or more tranches on a private placement basis.

Karnataka Bank is a scheduled commercial bank. The bank's standalone net profit surged to Rs 454.11 crore in Q3 FY22 from Rs 212.87 crore in Q3 FY21. Total income declined 7% YoY to Rs 5383.62 crore during the period under review.

Shares of Karnataka Bank were trading 1.46% to Rs 57.30 on BSE.

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