ICICI LOMBARD GENERAL INSURANCE COMPANY LIMITED The Karnataka Bank Limited announced a private placement of 3,772,730 equity shares of face value of INR 10 each fully paid-up at a price of INR 265.06 per equity share for an aggregate gross proceeds of up to INR 999,999,813.8 on January 27, 2024. The transaction will include participation from new investor ICICI Lombard General Insurance Company Limited for 1.08% stake. The transaction has been approved by the board of directors of the company and is subject to regulatory and shareholder approval.
The Board of Directors of compay had approved raising of INR 7,000,000,000 additional equity capital. Of the INR 7,000,000,000, an amount up to INR 100,000,000 would be raised through preferential issue of shares and INR 600,000,000 through private placements and qualified institutions placements.
