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Canara Bank Allots Over 16.73 Cr Shares In Rs 2,500 Cr QIP

The sub-committee of the board, capital planning process of the board of directors of the bank, at its meeting held on August 24, 2021, approved the allotment of 16,73,92,032 equity shares to eligible qualified institutional buyers at an issue price of Rs 149.35 per equity share, aggregating up to Rs 2,500 crore

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State-run Canara Bank on Tuesday said it has approved allotment of over 16.73 crore shares in the Rs 2,500 crore qualified institutions placement (QIP) that closed a day earlier.

The QIP opened on August 17 and closed on August 23, 2021.

The sub-committee of the board, capital planning process of the board of directors of the bank, at its meeting held on August 24, 2021, approved the allotment of 16,73,92,032 equity shares to eligible qualified institutional buyers at an issue price of Rs 149.35 per equity share, aggregating up to Rs 2,500 crore, Canara Bank said in a regulatory filing.

With this, the paid-up equity share capital of the bank stands increased to Rs 1,814.13 crore from Rs 1,646.74 crore, it said.

A total of seven investors have been allotted more than 5 per cent of the equity offered in the QIP issue, said the Bengaluru-based lender.

LIC subscribed to 15.91 per cent; BNP Paribas Arbitrage 12.55 per cent; Societe Generale 7.97 per cent; Indian Bank and ICICI Prudential Life Insurance - 6.37 per cent each.

Morgan Stanley Asia (Singapore) Pte-ODI bought 6.16 per cent of the shares issued in QIP and Volrado Venture Partners Fund II 6.05 per cent.

Canara Bank stock traded at Rs 154.80 apiece on BSE, up by 1.31 per cent from its previous close. 

(PTI)