Karnataka Bank gains on report ICICI Bank acquiring it

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Karnataka Bank gains on report ICICI Bank acquiring it
Karnataka Bank: Quotes, News
BSE 156.90BSE Quote0.05 (0.03%)
NSE 157.30NSE Quote0.25 (0.16%)
ICICI Bank: Quotes, News
BSE 302.95BSE Quote1.75 (0.58%)
NSE 303.05NSE Quote1 (0.33%)
India's largest private sector lender ICICI Bank may acquire the Karnataka Bank, according to a report in the Indian express.

Shares of the Karnataka Bank rose by 1.82% to Rs 123 on BSE, following the reports after touching an intra-day high of Rs 127.

The shares of the ICICI Bank was trading higher by 0.45% to Rs 1057 on BSE. It touched an intra-day high of Rs 1062.
According to media reports, ICICI has submitted a formal proposal to the Reserve Bank of India (RBI) to acquire Karnataka Bank.

Karnataka Bank has zoomed drastically from last month. The stock which was quoting at Rs 86.55 on September 17 has surged to Rs 122.50 on the BSE today.

However, both the banks refused to comment on the report. Karnataka Bank had reported a 67.62% growth in net profit in Q-1 of FY 2012-13 at Rs 83.44 crore against Rs 49.78 crore for the corresponding period last year.

Earlier in May 2010, ICICI Bank had acquired Bank of Rajasthan.

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