KVB to raise Rs 760 cr via rights issue, price fixed at Rs 76 a share

Bank to offer one share for every six held; issue proceeds to be used to fuel growth

Karur Vysya Bank is planning to raise around Rs 760 crore through a rights issue, in order to fund its future growth.

The Board of Directors of the Bank met today and decided to issue equity shares via rights issue to its eligible shareholders in the ratio of one equity share for every six held on a record date.

K Venkataraman, Managing Director and Chief Executive Officer of the Bank, said that the bank plans to raise funds as soon as the necessary approvals are in place. The funds would be used to fuel growth, which is expected to rise this fiscal