K’taka bank denies reports of ICICI bid

For now we plan to raise capital through Tier II debt: CEO Karnataka bank.

Written by Agencies | Published: October 16, 2012 10:43 am

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.

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