)
Speaking to Business Standard on the QIP, K Venkataraman, managing director and CEO of Karur Vysya Bank said, "We had an overall approval to raise up to Rs 1,000 crore through the QIP. We required only Rs 625 for now and so we have raised that much." The money would be used for the future growth, he said, while refusing to comment more on the QIP stating that the Bank is completing the procedures and the details are yet to be known.
Spark Capital, which acted as a Book Running Lead Manager and part of the banker syndicate, said that it has generated the highest quantum of allocable bids and the highest allotments in the QIP book, close to 50 per cent of the overall book.
It said that it has also worked closely with a few other investors in helping them bid successfully. Spark Capital in the past has advised 14 funds to pick up between one per cent and five per cent of the shares in KVB aggregating close to 30 per cent.
The Bank has today informed the Stock Exchange that its QIP Committee of the Board has passed a resolution declaring the closure of the QIP on August 21, 2014 and determining and approving the issue price of Rs 466 per Equity Share (including a premium of Rs 456 per Equity Share), for the Equity Shares to be allotted to eligible qualified institutional buyers in the QIP along with approving and adopting the placement document dated August 21, 2014, in connection with the QIP.
