Karnataka Bank plans to raise Rs 500 cr

Karnataka Bank had earlier during January 2010 raised Rs 160 cr through the QIP route

Mangalore-based private sector bank, Karnataka Bank, has said that it is planning to raise upto Rs 500 crore through a Qualified Institutions Placement (QIP) issue. The bank, which has been constantly in the news as a prime takeover target, said that their capital adequacy ratio is at 13.2 and as and when there is aggresive credit growth, they may go in for this fund raise.

Karnataka Bank had earlier during January 2010 raised Rs 160 crore through the QIP route.

The shares of the bank dropped little 1.31 per cent to close at Rs 157.85 a share on BSE on Wednesday.