Karnataka Bank seeks shareholders' nod to raise Rs 500 cr

MUMBAI: Private sector Karnataka Bank on Tuesday said it will seek shareholders' approval to raise Rs 500 crore through qualified institutional placement (QIP).

The board has resolved to seek shareholders approval to raise Rs 500 crore through the QIP route, Karnataka Bank said in a filing to the Bombay Stock Exchange.

Shares of the bank surged 5.02 per cent to touch a high of Rs 151. It was later trading at Rs 146.50, up 1.95 per cent in early trade on the BSE.