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Bank of Baroda on Tuesday said it has closed the qualified institutional placement (QIP) round, which was conducted to raise up to 4,500 crore. The issue was opened on 25 February, 2021.

"The committee (capital raising committee) at its meeting held today (Tuesday) i.e. March 2, 2021, has passed the resolution approving and adopting the placement document dated 2 March, 2021," BoB said in a regulatory filing.

In its meeting last week, the committee had approved raising an amount not exceeding 4,500 crore through an issue of equity shares through QIP.

The committee approved the issue price of 81.70 per equity share (including a premium of 79.70), which is at a discount of 5 per cent ( 4.28 per equity share) to the floor price of 85.98 apiece, said the state-owned lender.

BoB said the confirmation of allocation note is to be sent to the eligible qualified institutional buyers, intimating them of allocation of equity shares pursuant to the issue.

Bank of Baroda reported a consolidated net profit of 1,159.17 crore for the third quarter ended 31 December, 2020. The state-owned bank had posted a net loss of R 1,218.87 crore for the same quarter a year ago.

Total income of the bank fell to 22,070.52 crore during October-December period of 2020-21 from 23,134.67 crore in the year-ago quarter, Bank of Baroda said in a regulatory filing.

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