Karnataka Bank is reportedly planning to mop up about Rs 500 crore through a Qualified Institutional Placement (QIP) issue. The bank will use the raised money for its aggressive growth plan.
Earlier in June 2010 too, the bank had raised Rs 160 crore through the QIP route.
The bank’s net profit for the quarter ended March 31, 2013 declined by 18.96% at Rs 67.39 crore for the quarter as compared to Rs 83.16 crore for the quarter ended March 31, 2012. However, bank’s total income increased by 14.13% at Rs 1090.32 crore for the quarter under review as compared to Rs 955.33 crore for the corresponding quarter of the previous fiscal.
