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Mangalore, July 2

Karnataka Bank Ltd has raised Rs 120.5 crore through unsecured redeemable non-convertible subordinated (Tier-II) bonds. The bank informed the Bombay Stock Exchange on Monday that the issue of unsecured redeemable non-convertible subordinated (Tier-II) bonds (series I) in the nature of promissory notes/debentures of Rs 10 lakh each for cash at par aggregating Rs 75 crore (with an option to retain over subscription up to Rs 75 crore) has been closed for subscription on June 30. At the closure of the issue, Rs 120.5 crore has been received towards above bonds. These bonds were allotted on June 30, it said. In a separate press release here, the bank said it will pay 35 per cent dividend to its shareholders. A resolution to this effect was passed at the 83rd annual general meeting in Mangalore on June 30. —

Our Bureau

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