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Karnataka Bank closes rights issue of shares

Karnataka Bank Ltd. closed a rights issue of shares, with overall subscription reaching 185.52%.

The rights issue was completed in the ratio of 1 share for every 2 shares held on the record date, at a price of 70 rupees per share, including a premium of 60 rupees per share, according to a Dec. 15 release.

The shares were issued Dec. 8 and began trading on the BSE and National Stock Exchange on Dec. 14. Following the issue, the bank's capital fund increased to 6.58 billion rupees and its capital adequacy ratio improved.

As of Dec. 15, US$1 was equivalent to 67.83 Indian rupees.