Private sector Karur Vysya Bank today decided to raise its foreign investment cap from the current 24 per cent to 35 per cent, besides coming out with rights and bonus issues.

"The board of directors at its meeting held on September 7, 2010, decided to increase the aggregate of foreign investment cap from all sources (FDI/FII/NRI) from the existing limit of 24 per cent to 35 per cent," the Tamil Nadu-based bank said in a filing to the BSE.

Also Read   Related Stories News Now - Karur Vysya eyes Rs 50K cr biz, 100 new branches in FY12 - Karur Vysya Bank aims 26% growth, 15 new branches by 2011-12 - KVB net up 20% in Q1, to focus on improving CASA - Karur Vysya Bank Q1 net profit up 20% - KVB inks pact with UTI for MF products - IFC may take equity in NCMSL

Also Read   Related Stories News Now - Markets end on a strong note - Nabard FY14 operating surplus soars 28% to Rs 1,635 cr - RBI eases banks' term deposit restrictions - NMDC Q4 net down 21.74% to Rs 1,642.28 cr - Balrampur Chini Q4 profit up by 15% More

Furthermore, the company will execute a rights issue in the ratio of 2:5 (two rights shares for every five shares held by shareholders and beneficial owners).
    
"The rights issue is on the post bonus capital," the bank said, adding that the price per right share will be Rs 150.
    
Shares of the bank were down 2.30 per cent at Rs 804.35 on the BSE.

New Ipad Application :Business Standard's all new IPad App Click here to download for free Other Stories      - Markets end on a strong note - Nabard FY14 operating surplus soars 28% to Rs 1,635 cr - RBI eases banks' term deposit restrictions - NMDC Q4 net down 21.74% to Rs 1,642.28 cr - Balrampur Chini Q4 profit up by 15%

Tags : Karur Vysya Bank | foreign investment cap | bonus issues | FDI | FII | NRI | shareholders   Read Business news in  Advertisements -  Benefits Upto Rs. 2.36 Lakhs on the Fully Loaded TJet Petrol. -  Journey on, We are by Your Side. Click here to know more -  Help a Child Achieve her. Click to know more -  2 Lac Apartments, 1 Lac House / Plots. Click here -  Benefits Upto Rs. 2.36 Lakhs on the Fully Loaded TJet Petrol. -  Watch The Film Here. Click here to know more.. -  Leader in Passenger Car & Automobile Tyres. Click here -  1 billion in saving for Unilever without any tangles. -  Learn How One City is Running on FOOD SCRAPS. -  One Partnership Endless Possibilities. Click here to know more -  Helping doctors detect diseases earlier, saving costs & extending lives. -  36 Lakhs can get you a pool of Luxuries. Click here -  Which is the best plan for your daughter -  Check out the TRUE COLOURS of your Stocks, Now for FREE! -  One of the leading business schools in the world.Know More