Karur Vysya Bank (KVB) is planning to raise around Rs 500 crore by way of qualified institutional placement (QIP). The proposed fund raising is to support the bank’s target of reaching Rs 50,000 crore total business over the next three years.
KVB Managing Director and Chief Executive Officer P T Kuppuswamy said the bank would seek the shareholders’ nod for the proposal at the annual general meeting, which is scheduled for July 27. The bank is planning to support the bank’s target of Rs 50,000 crore in total business by 2012 from around Rs 26,000 crore currently, he added.
