Karur Vysya Bank gains on fund raising plans via QIP

The floor price for the QIP has been fixed at Rs 461.70 per equity share

Shares of Karur Vysya Bank have gained over 2% at Rs 480 after the bank's QIP Committee at its meeting held on August 19, 2014 authorised opening of the qualified institutional placement issue.

Further, the ‘Relevant Date’ for this purpose, in terms of Regulation 81(c)(i) of the SEBI Regulations, is August 19, 2014 and accordingly the floor price in respect of the aforesaid QIP, based on the pricing formula as prescribed under Regulation 85(1) of the SEBI Regulations is Rs. 461.70 per equity share, the company said in a release to the stock exchange.

The stock opened at Rs 476 and touched a high of Rs 483 on the Bombay Stock Exchange. Over 75,000 shares were traded on both the NSE and BSE so far.