Karur Vysya Bank rose 2.19% to Rs 480 at 10:17 IST on BSE after the bank on Tuesday, 19 August 2014, initiated a share sale process to raise Rs 1000 crore from institutional placement.
The bank made the announcement after market hours on Tuesday, 19 August 2014.
Meanwhile, the BSE Sensex was down 2.43 points, or 0.01%, to 26,418.24.
On BSE, so far 4,189 shares were traded in the counter, compared with an average volume of 22,644 shares in the past one quarter.
The stock hit a high of Rs 483 and a low of Rs 475.25 so far during the day. The stock hit a 52-week high of Rs 509.90 on 7 July 2014. The stock hit a 52-week low of Rs 297.65 on 4 September 2013.
The stock had underperformed the market over the past one month till 19 August 2014, falling 3.55% compared with 3.04% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 12.68% as against Sensex's 8.45% rise.
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The mid-cap private sector bank has an equity capital of Rs 107.39 crore. Face value per share is Rs 10.
The board of Karur Vysya Bank approved the opening of the qualified institutional placement (QIP) on Tuesday, 19 August 2014, Karur Vysya Bank said in a statement. The floor price for the QIP is set at Rs 461.70 per equity share.
Earlier, the bank secured shareholders approval for raising up to Rs 1000 crore through QIP.
Net profit of Karur Vysya Bank rose 1.47% to Rs 122.07 crore on 2.3% rise in operating income to Rs 1462.44 crore in Q1 June 2014 over Q1 June 2013.
Karur Vysya Bank has 572 branches and 1617 ATMs covering 18 states and 2 union Territories and during the year 2013-14 the bank has added 21 branches and 345 ATMs.
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