The banks 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 banks 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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