Home / Industry / Banking /  Bank of Baroda raises 4,500 crore through QIP

Bank of Baroda on Wednesday said that it has raised 4,500 crore equity capital through qualified institutional placement (QIP). The capital raising committee of the board on Wednesday approved the issue and allotment of 55,07,95,593 equity shares to eligible qualified institutional buyers at issue price of 81.70 per share against the floor price of 85.98 apiece, aggregating to 4499,99,99,948.10, the bank said in a regulatory filing.

The state-owned bank opened the issue on 25 February and closed it on Tuesday.

The lender said total seven buyers were allotted more than 5% of the equity shares offered in the issue.

The seven buyers are — Aditya Birla Sun Life Trustee 5.09 per cent; Societe Generale 9.23%; ICICI Prudential Business Cycle Fund 10.17%; Nippon Life India Trustee 10.17%; Life Insurance Corporation 10.44%, SBI Life Insurance 11.11% and BNP Paribas Arbitrage 11.26%.

"Pursuant to the allotment of equity shares in the issue, the paid-up equity share capital of the bank stands increased to 1,034.27 crore, comprising 517,13,62,179 equity shares," said the lender.

The committee in its meeting last week had approved raising up to 4,500 crore through an issue of equity shares through QIP.

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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