Canara Bank issues over 16.73 Cr shares in Rs. 2,500 crore QIP

The state-run Canara Bank said Tuesday that it had approved the allotment to more than 16.73 crore shares in QIP (Qualified Institutions Placement) of Rs 2,500 crore. This QIP closed one day earlier.

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

At its August 24th meeting, the sub-committee, capital planning process, of the bank approved the allotment to eligible qualified institutional buyers of 16,73,923,032 equity shares at an issue price Rs 149.35 each equity share.

It stated that the bank’s equity share capital has increased by Rs 1.814.13 crore to Rs 1,646.74 million.

According to the lender based in Bengaluru, seven investors were allotted more that 5% of the QIP equity.

LIC subscribed at 15.91%; BNP Paribas Arbitrage 12,55 percent; Societe Generale 7,97%; Indian Bank and ICICI Prudential Insurance Life Insurance – 6.37 percent each.

Morgan Stanley Asia (Singapore), Pte-ODI, bought 6.16% of QIP and Volrado Venture Partners Fund III 6.05 percent shares.

Stock of Canara Bank was traded on BSE at Rs.154.80 per share, an increase of 1.31 percent from its previous close.