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Karnataka Bank moves north after setting record date for rights issue

Capital Market 

Bank was up 2.97% to Rs 148.95 at 9:48 on after the bank said it has fixed 25 October 2016 as record date for the rights issue of shares.

The announcement was made after market hours yesterday, 13 October 2016.

Meanwhile, the S&P Sensex was up 77.60 points or 0.28% at 27,720.71.

On BSE, so far 34,000 shares were traded in the counter as against average daily volume of 1.50 lakh shares in the past two weeks. The stock hit a high of Rs 149 and a low of Rs 144.65 so far during the day. The stock had hit a 52-week high of Rs 162.10 on 7 September 2016. The stock had hit a 52-week low of Rs 84.85 on 29 February 2016. The stock had underperformed the market over the past one month till 13 October 2016, sliding 4.55% compared with 2.51% fall in the Sensex. The scrip had also underperformed the market in past one quarter, declining 3.57% as against Sensex's 0.62% fall.

The small-cap company has equity capital of Rs 188.47 crore. Face value per share is Rs 10.

Bank proposes to issue rights in the ratio of 1:2 i.e. one equity share for every two equity shares held on the record date. The size of the issue is Rs 659.65 crore. The rights issue price is Rs 70 per share.

Bank's net profit rose 11.2% to Rs 121.54 crore on 6.4% growth in total income to Rs 1434.96 crore in Q1 June 2016 over Q1 June 2015.

is a private sector bank in India.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, October 14 2016. 09:42 IST