Financial Daily
from THE HINDU group of publications
Sunday, July 15, 2001
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Financial Daily from THE HINDU group of publications Sunday, July 15, 2001 |
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• AGRI-BUSINESS • CORPORATE • NEWS • VARIETY • INFO-TECH • CATALYST • INVESTMENT WORLD • MONEY & BANKING • LOGISTICS |
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KVB awaits RBI nod to strengthen capital base
COIMBATORE: Karur Vysya Bank Ltd (KVB) is awaiting the nod from the Reserve Bank of India for expansion of its capital base.
A top official of the bank said it proposed to offer bonus shares and come out with a rights issue as well very soon, subject to RBI's approval.
The offer document, the source said, would be filed with the Securities and Exchange Board of India (SEBI) shortly.
The board is understood to have recommended one bonus share for every share held and the rights issue is expected to be in the same proportion (1:1).
After the proposal is ratified and the offer fully subscribed, the capital base would treble to Rs 18 crore from Rs 6 crore. The proposed bonus is being announced a decade after the first offer in 1991.-- Our Bureau
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