Karnataka Bank plans to triple its authorised capital to Rs 150 cr

The Karnataka Bank Limited has announced that it would be hiking its authorised capital to Rs 150 crore from the current Rs 50 crore.

Karnataka Bank will be convening an extraordinary general meeting (EGM) on July 29 to get an approval from the shareholders.

Commenting on the decision to hike its authorised capital, a senior official at Karnataka Bank said: "At present, the bank's paid-up capital is placed at Rs 40 crore. We are hiking the authorised capital to Rs 150 crore for any possibility of future public issues."

During 2003-04, the bank has brought down its non-performing assets (NPAs) to 4.98 per cent as compared to 7.36 per cent during 2002-03.

The bank has also stated that it will voluntarily delist from the Bangalore and Mangalore stock exchanges.