Religare Finvest has sold 12 lakh shares of Mangalore-based Karnataka Bank through an open market transaction. The shares were sold at an average price of Rs 106.86 valuing the transaction at around Rs 12.82 crore. As of March quarter, Religare Finvest held 49.27 lakh shares, amounting to 2.62% stake, of Karnataka Bank.
Karnataka Bank‘s net profit for the quarter ended March 31, 2013 has 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 has 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.
