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Shares of the bank closed at  ₹125.25 apiece on BSE
Shares of the bank closed at 125.25 apiece on BSE

Canara Bank raises 2,000 crore via QIP; LIC largest investor

The board approved allotment of 19,32,36,714 equity shares to eligible QIBs at an issue price of 103.50 per equity share

State-owned Canara Bank on Friday said it has successfully raised 2,000 crore equity capital by issuing over 19 crore shares to eligible investors.

LIC emerged as the largest investor in the bank's qualified institutional placement (QIP) issue.

The subcommittee of the board at its meeting held today (December 11, 2020), approved allotment of 19,32,36,714 equity shares to eligible qualified institutional buyers (QIBs) at an issue price of 103.50 per equity share, aggregating up to 2,000 crore, Canara Bank said in a regulatory filing.

The QIP had opened on December 7 and closed on December 10.

Among the allottees - who were allotted more than 5% of the total equity shares offered in the issue - include Life Insurance Corporation (25%), BNP Paribas Arbitrage (9.11%), Nippon Life India Trustee Ltd (8.81%), Societe Generale (7.91%) and Kuber India Fund (6.16%).

"Pursuant to the allotment of equity shares in the QIP, the paid-up equity share capital of the bank stands increased from 1,453.50 crore to 1,646.74 crore comprising of 1,64,67,38,220 equity shares of the face value of 10 each," Canara Bank said.

Shares of the bank closed at 125.25 apiece on BSE, up 2.24% from the previous close.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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