K'taka bank denies reports of ICICI bid

Agencies : Tue Oct 16 2012, 12:01 hrs

Ads by Google

Top Stories

Shares in Karnataka Bank pare earlier gains of as much as 5 percent after the chief executive denies a media report ICICI Bank is looking to purchase the lender.

"The management is not for any stake sale," Karnataka Bank CEO P. Jayarama Bhat said.

"We are well capitalised. Our last rights issue was oversubscribed. We will raise funds at an appropriate time. For now we plan to raise capital through Tier II debt," he added.

The Indian Express newspaper reported on Tuesday ICICI Bank had submitted a formal proposal to the Reserve Bank of India to acquire Karnataka Bank, citing unnamed sources close to the development. * Karnataka Bank shares up 2 pct as of 10:20 a.m.

Ads by Google

ALSO READ

Gold prices today fell by Rs 125 to Rs 27,700 per 10 grams in the national capital. (Reuters)

Gold price down by Rs 125 on sustained selling, weak global cues

India's NSE index rose marginally on Saturday to its highest level since January 2011. (Reuters)

Special trading: NSE Nifty hits 28 months high

The 30-share index added 39.70, or 0.20 per cent to settle at 20,122.32. (Reuters)

BSE Sensex closes 40 points up in special trading

SBI Gold Fund is an open ended fund, which enables the common man to invest systematically in gold. (Reuters)

SBI Mutual Fund launches gold accumulation facility

Please read our terms of use before posting comments

TERMS OF USE: The views, opinions and comments posted are your, and are not endorsed by this website. You shall be solely responsible for the comment posted here. The website reserves the right to delete, reject, or otherwise remove any views, opinions and comments posted or part thereof. You shall ensure that the comment is not inflammatory, abusive, derogatory, defamatory &/or obscene, or contain pornographic matter and/or does not constitute hate mail, or violate privacy of any person (s) or breach confidentiality or otherwise is illegal, immoral or contrary to public policy. Nor should it contain anything infringing copyright &/or intellectual property rights of any person(s).