Date:08/07/2006 URL: http://www.thehindu.com/2006/07/08/stories/2006070803481613.htm

Business - Briefly

Karnataka Bank to pay 30 p.c.

MANGALORE: Karnataka Bank at its 82nd annual general meeting held here on Thursday approved a resolution to pay a dividend of 30 per cent to its shareholders for 2005-06. Some of the other important resolutions approved at the meeting include a move to offer its employees a stock option scheme. The meeting also agreed to raise the foreign institutional investment limit from 24 per cent to 49 per cent. Ananthakrishna, Chairman of the bank, said the bank would increase its number of branches to 415 from 395. The bank will add 50 ATMs to take its total strength of ATMs to 125. It set itself a business turnover target of Rs. 25,000 crore including total deposits of Rs. 15,000 crore for 2006-07.