Karnataka Bank denies reports of takeover bid by ICICI Bank, Kotak Bank
16 October 2012
Karnataka Bank Ltd, has denied media reports that it was in talks to sell a stake to ICICI Bank or Kotak Mahindra Bank.
ICICI Bank or Kotak Mahindra Bank have also denied that they were acquiring a stake in Karnataka Bank.
A section of the media reported on different occasions that the two banks were looking to acquire Karnataka Bank.
In an announcement on the NSE today, Karnataka Bank said, ''We deny any such rumours as reported in the media. The investors may note the same.''
He said the management was not for any stake sale.
He said the bank was well capitalised. He added, its last issue was oversubscribed.
He added, the bank would raise funds at an appropriate time, but for now it planned to raise capital through Tier II debt.