Tag: QIP issue

Canara Bank raises ₹2,500 crore through QIP issue

Banking & Finance

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Life Insurance Corporation of India (LIC), BNP Paribas Arbitrage, Societe Generale and Indian Bank are among the qualified institutional buyers (QIBs) allotted more than 5 per cent equity shares in Canara Bank’s qualified institutions placement (QIP) issue aggregating ₹2,500 crore.

As per the latest shareholding pattern, big bull Rakesh Jhunjhunwala has picked up 1.59 per cent stake in Canara Bank.

The public sector bank, in a regulatory filing, said the Sub-Committee of the Board — Capital Planning Process of its Board of Directors, at its meeting held on August 24, 2021, approved the allotment of about 16.73 crore equity shares to eligible QIBs at an issue price of ₹149.35 per equity share.

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

LIC accounted for 15.91 per cent of the total QIP issue size, followed by BNP Paribas Arbitrage (12.55 per cent), Societe Generale (7.97 per cent), Indian Bank and ICICI Prudential Life Insurance Company (6.37 per cent each), Morgan Stanley Asia (Singapore) Pte – ODI (6.16 per cent) and Volrado Venture Partners Fund II (6.05 per cent).

Following the QIP, the Central government’s stake in Canara Bank, as on August 24, 2021, has come down to 62.93 per cent stake (against 69.33 per cent in the quarter ending June 30, 2021).

The shareholding of LIC, which is single largest public shareholder, has gone up from 8.11 per cent to 8.83 per cent stake.

Canara Bank shares closed at ₹151.05 apiece, down 2.99 per cent over the previous close on BSE.

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LIC, SBI Life, Canara Bank pick up stakes in Indian Bank under QIP

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Life Insurance Corporation (LIC), SBI Life and Canara Bank were among the top investors picking up stakes in Indian Bank under a QIP, according to a regulatory filing.

The country’s largest and the only state-owned life insurer, LIC, picked up 17.80 per cent of the shares issued under the qualified institutional placement (QIP), which closed on Thursday.

It was followed by SBI Life Insurance (11.87 per cent), SBI Mutual Fund and its various schemes (11.87 per cent), Societe Generale and its various schemes (9.74 per cent) and Canara Bank subscribing to 5.93 per cent of the shares offered in the issue, according to the regulatory filing by Indian Bank.

Indian Bank raised a total of ₹1,650 crore in its QIP of shares, which were issued at ₹142.15 apiece.

The state-owned lender said it allotted 11,60,74,569 new equity shares to the eligible qualified institutional buyers (QIBs) in the issue that opened on June 21 and closed on June 24.

In March this year, its board’s committee on capital raising had given approval for raising equity capital aggregating up to ₹4,000 crore through QIP in one or more tranches.

Indian Bank’s shares closed at ₹148.35 apiece on the BSE, up 0.64 per cent from the previous close.

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Union Bank of India mops up ₹1447 cr via QIP issue

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Union Bank of India (UBI) received application forms for an aggregate amount of ₹1447.17 crore from eligible Qualified lnstitutional Buyers (QIBs) under Qualified Institutions Placement (QIP) of equity shares.

The public sector bank’s Committee of Directors for Raising of Capital Funds approved the closure of QIP issue on May 20, 2021. The issue had opened on May 17, 2021.

Also read: New EDs take charge at UBI, CBoI, BoM and BoI

The Committee determined and approved the issue price of ₹33.82 per equity share of ₹10 each (including a premium of ₹23.82 per equity share), the bank said in a regulatory filing on Thursday evening.

The issue price is at a discount of 5 per cent (₹1.78 per equity share) to the floor price of ₹35.60 per equity share for the equity shares to be allotted to QIBs in the issue, it added.

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