Private sector Karur Vysya Bank (KVB) today said it plans to raise up to Rs 1,000 cr from qualified institutional investors to fund its expansion plan.
The bank plans to seek shareholders approval for raising up to Rs 1,000 cr by issue of equity shares by way of Qualified Institutions Placement (QIP), Karur Vysya Bank said in a filing on the BSE.
Besides, the board has also approved proposal to raise the investment cap for the Foreign Institutional Investors (FII) up to a limit of 40 per cent of the paid-up capital of the bank.
These proposals are subject to regulatory approvals, it said.
Shares of the bank closed at Rs 337.20 per unit, down 2.87 per cent on the BSE.