Wednesday, 20 August 2014

Karur Vysya Bank rallies over 2% on share sale plan

Karur Vysya Bank LtdBSE 2.09 % surged as much as 2.19 per cent in trade on Wednesday after the bank said that it has launched a share sale on Tuesday to raise up to Rs 1,000 crore ($165 million) from institutional investors. 


Karur Vysya Bank  pared some of the morning gains but was still trading 1.3 per cent higher at Rs 476. It hit a low of Rs 475.25 and a high of Rs 480 in trade today. 

The floor price for the sale is Rs 461.70, the lender said in a regulatory filing, which is at a 1.7 per cent discount to Tuesday's closing price of Rs 469.70 on the Bombay Stock Exchange. 

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