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The stock of Karnataka Bank maintained its gains despite denying reports of a possible takeover. The stock closed at Rs 122.60 on the BSE, a gain of 1.5 per cent, even as Sensex and the BSE Bankex fell about 0.8 per cent. Karnataka Bank has been on the rise and touched a one-year high at Rs 127 last weekend on reports that ICICI Bank and Kotak Mahindra Bank are eyeing this bank.
Karnataka Bank has denied that there are moves to take over the bank. ICICI Bank and Kotak Mahindra Bank, too, have denied any moves by them to acquire the bank.
There is no promoter group in the 88-year-old Karnataka Bank. It is a 100 per cent public shareholding entity. As on September 30, individual shareholders held 56.38 per cent of the total shareholding in the bank. Among the institutional investors, foreign institutional investors held 16.40 per cent, and insurance companies 3.47 per cent.
ICICI Bank’s share closed at Rs 1,042.05, down 1.05 per cent on Tuesday and Kotak Mahindra Bank’s at Rs 626.90, down 0.22 per cent.
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