Karur Vysya Bank plans to raise Rs 1,000 cr via QIP

Private sector Karur Vysya Bank today said it plans to raise up to Rs 1,000 crore from qualified institutional investors to fund its expansion plan.

The bank plans to seek shareholders approval for raising up to Rs 1,000 crore by issue of equity shares by way of Qualified Institutions Placement (QIP), Karur Vysya Bank said in a filing on the BSE. Also read: IRDA relaxes premium payment mode for policyholders Besides, the board has also approved proposal to raise the investment cap for the Foreign Institutional Investors (FII) up to a limit of 40 percent of the paid-up capital of the bank. These proposals are subject to regulatory approvals, it said. Shares of the bank closed at Rs 337.20 per unit, down 2.87 percent on the BSE.