Canara Bank Sets Floor Price Of Rs 103.50 Per Share For Rs 2,000 Crore QIP

The bank had received shareholders' nod in its annual general meeting, held in August, for raising up to Rs 2,000 crore by way of QIP.

Canara Bank Sets Floor Price Of Rs 103.50 Per Share For Rs 2,000 Crore QIP
Canara Bank

Canara Bank on Monday said it's set a floor price of Rs 103.50 per share for its qualified institutional placement (QIP) to boost up to Rs 2,000 crore. The bank had received shareholders' nod in its annual general meeting, held in August, for raising up to Rs 2,000 crore by way of QIP.

The sub-committee of the board  Capital Planning Process of the bank, at its meeting persisted December 7, authorised the opening of the QIP issue and approved the ground price of Rs 103.50 per equity share, Canara Bank said during a regulatory filing.

"A meeting of the sub-committee of the board-Capital Planning Process of board of directors of the bank is scheduled to be persisted Thursday, December 10, 2020 to think about and determine the difficulty price for the equity shares also because the number of shares to be allotted to qualified institutional buyers, pursuant to the QIP," the bank said.Shares of Canara Bank on Monday closed above its QIP floor price at Rs 117.55 apiece on the BSE, up 5.62 per cent from its previous close.

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