Karnataka Bank denies stake sale to ICICI Bank; stock up
In an interview with ET Now, P Jayarama Bhat, MD, Karnataka Bank, said that the bank was not in discussions with the RBI on selling stake.
By ET Online | Updated:
MUMBAI: Shares of Karnataka Bank continued to maintain upward momentum on Tuesday even as the management clarified that there is no truth in reports about selling stake to ICICI Bank.
In an interview with ET Now, P Jayarama Bhat, MD, Karnataka Bank, said that the bank was not in discussions with the RBI on selling stake. Calling the stake sale reports as rumours, he confirmed that the bank is not selling stake to ICICI Bank and has not been approached by any other bank.
Bhat added that the bank has good fundamentals and that is being reflected in the stock price going up. The bank is adequately capitalised after the rights issue two years ago. The bank will raise funds via Tier II bonds in the current fiscal.
In Q1FY13, Karnataka Bank posted a 60 per cent growth in profits.
At 10:15 am, the stock was at 122.90, up 1.82 per cent, on the NSE. It touched a high of Rs 126.75 and a low of Rs 121.30 in trade today.
In an interview with ET Now, P Jayarama Bhat, MD, Karnataka Bank, said that the bank was not in discussions with the RBI on selling stake. Calling the stake sale reports as rumours, he confirmed that the bank is not selling stake to ICICI Bank and has not been approached by any other bank.
Bhat added that the bank has good fundamentals and that is being reflected in the stock price going up. The bank is adequately capitalised after the rights issue two years ago. The bank will raise funds via Tier II bonds in the current fiscal.
In Q1FY13, Karnataka Bank posted a 60 per cent growth in profits.
At 10:15 am, the stock was at 122.90, up 1.82 per cent, on the NSE. It touched a high of Rs 126.75 and a low of Rs 121.30 in trade today.
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