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BW Businessworld

IDBI Bank Raises INR 1,435 Crore

Punjab National Bank (PNB) too was unable to raise the targeted amount from its qualified institutional placement which closed on Friday.

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IDBI Bank has raised INR1,435 crore through an issue of equity shares to 44 qualified institutional investors, according to a regulatory filing. The bank had targeted raising INR2,000 crore (base size INR1,000 crore with a green-shoe option of INR1,000 crore) through the QIP issue at a floor price of INR40.63 apiece.

The QIP committee of the board of directors at its meeting held on December 19 approved the issue and allotment of 3,71,808,177 equity shares to 44 eligible qualified institutional buyers at the issue price of INR38.60 per share, IDBI Bank said in the filing. The shares were issued at a discount of 5% to the floor price of INR40.63 apiece, it said.

The QIP issue had opened on December 15 and closed on December 18.

Among the investors who were allotted more than 5% of shares in the QIP issue were Punjab National Bank (20.9% subscription); Bank of Baroda (13.9%); State Bank of India (13.9%); Indian Bank (6.97%); Canara Bank (6.97%) and Societe Generale-ODI (5.66%).

As with IDBI Bank, Punjab National Bank (PNB) too was unable to raise the targeted amount from its qualified institutional placement which closed on Friday.

PNB, which had planned to raise up to INR7,000 crore through the QIP route, had said on Friday it had approved the issue of 106,70,52,910 equity shares at a discount of 4.95% from the floor price aggregating to INR3,788 crore to be allotted to eligible qualified institutional buyers. PNB’s QIP had opened on Tuesday.