Tuesday 12th, November 2019
canara news

Karnataka Bank’s rights issue to close on November 28

Published On : 20 Nov 2016   |  Reported By : Canaranews Network


Mangaluru: Mangaluru based Karnataka Bank Ltd has extended its rights issue by seven more days. The rights issue, which was scheduled to close on November 21, will now close on November 28. The issue opened on November 7.

The bank informed the stock exchanges late on Friday evening that the RBI circular dated November 8 has instructed all banks to accord top priority to provide facilities for exchanging and accepting deposits of 500 and 1,000 currency notes. It has also asked the banks to open additional counters to meet the public demand and keep the counters open for extended hours, if necessary. The RBI’s circular followed the demonetisation of 500 and 1,000 currency notes.

“In view of the above, members of the public are visiting the branches of the banks across India in unprecedented large scales, either to exchange or to deposit the specified banks notes. It is reported that shareholders of the bank are finding it difficult to submit their applications for the rights issue on account of the same,” it said.

In this regard, considering the inconvenience being caused to the shareholders of the bank and their inability to submit their composite application form in a timely manner, the Internal Capital Adequacy Assessment Committee vide circular resolution dated November 18, 2016, decided to extend the rights issue by an additional seven days, and accordingly the rights issue will close for subscription on November 28 in place of November 21 as disclosed in the Letter of Offer, the bank informed the stock exchanges.

The board of directors of the bank has decided to issue one share for every two shares held on the record date at Rs 70 per share, including a premium of Rs 60 per share.







More News

Yuva Spandan Derebail to hold Retro Fire 2019
Yuva Spandan Derebail to hold Retro Fire 2019
Annual Feast of the Most Holy Redeemer Church, Derebail - 2019
Annual Feast of the Most Holy Redeemer Church, Derebail - 2019
Annual NSS Camp – 2019 held at St. Agnes College(Autonomous)
Annual NSS Camp – 2019 held at St. Agnes College(Autonomous)

Write your Comments

Disclaimer: Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. canaranews.com will not be responsible for any defamatory message posted under this article.

Please note that under 66A of the IT Act, sending offensive or menacing messages through electronic communication service and sending false messages to cheat, mislead or deceive people or to cause annoyance to them is punishable. It is obligatory on CANARANEWS to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using canaranews will be purely at your own risk, and in no way will canaranews.com be held responsible.