In a significant step in its transformation journey, Karnataka Bank's board has approved the preferential allotment of 334 million equity shares to five high-profile institutional investors, including HDFC Life Insurance and Bajaj Allianz (ETR:ALVG) Life Insurance. This move has secured the bank ₹800 crore ($107 million) in growth capital.
The decision received almost unanimous shareholder approval, underscoring the confidence in the bank's strategic direction. The capital infusion will bolster the bank's financial health and enable the expansion of its digital offerings.
CEO Srikrishnan H and Executive Director Sekhar Rao emphasized that this capital boost represents an unwavering commitment to excellence. They believe that it will fortify the bank's financial position and provide resources to enhance their digital capabilities.
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