US-based Wellington Management, an asset management company (AMC) with over $537-billion in client assets, Bajaj Allianz Life Insurance Company, Axis Bank and Fam Health Care Pvt Ltd together had picked up close to 6% stake in the Karnataka Bank.

The US-based AMC cum investment adviser had picked up 18,21,031 shares, which translated into 1.36% of the floating stock of the Mangalore-based private sector lender. The US fund had reportedly lapped up the shares of Karnataka Bank from the open market through the last quarter ending March 31, 2010.

Besides Wellington, Axis Bank had also picked up 15,91,443 shares, or 1.19% stake, in Karnataka Bank during the same period. Bajaj Allianz Life Insurance Company was another player that had picked up a minority stake in the bank. According to the information available with FE, the insurance company was holding 26.37 lakh shares, or a tad lower than 2% stake, as of the quarter ending April this year. Fam Health Care?s stood at 1.39%, holding 17.58 lakh shares.

Notably, Ranbaxy Health Care Pvt Ltd, a namesake of country?s largest pharmaceuticals firm Ranbaxy Laboratories Ltd, had sold its entire 1.44% stake in Karnataka Bank between December last year and April this year. According to market sources, Ranbaxy Health Care was holding 17.58 lakh odd shares in Karnataka Bank as of December 31, 2009. When contacted, a Ranbaxy spokesperson denied any association between Ranbaxy Laboratories and Ranbaxy Healthcare.

However, two other firms purportedly close to the Singh family, the former promoters of Ranbaxy Laboratories, Religare Securities Ltd and Religare Capital Markets Ltd, were together holding 2.66% stake in the Mangalore-based private sector lender.

As of the quarter ended April this year, the major non-promoter stakeholders in Karnataka Bank were HSBC Financial Services Middle East Ltd (4.48%), Swiss Finance Corporation (2.82%), Life Insurance Corporation (2.69%), Credit Suisse Singapore Ltd (2.62%) and Kurto Fund Lp (2.52%).

Karnataka Bank had clocked a net profit of Rs 167.12 crore for the financial year ending March 31, 2010, over a total business of Rs 38,166 crore.