Karur Vysya Bank has received an approval to raise the investment cap for the Foreign Institutional Investors (FII) up to a limit of 40% of the paid-up capital of the bank subject to the approval of the shareholders of the bank and the Reserve Bank of India (RBI). The board of director at its meeting held on August 06, 2013 has approved for the same.
The board also approved proposal seeking consent of the shareholders for the issue of equity shares by way of Qualified Institutions Placement (QIP) in accordance with the SEBI Guidelines, with the approval of RBI and other Regulatory Authorities, up to Rs 1,000 crore.
Karur Vysya Bank is among six old generation private sector banks that have been identified by the Reserve Bank of India (RBI) to implement Speed Clearing at Mumbai.
