Canara Bank launches QIP to raise up to Rs 2,500 cr; sets floor price at Rs 155.58 per share

PTIUpdated: Tuesday, August 17, 2021, 08:37 PM IST
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Canara Bank's shares on Tuesday closed 3.05 per cent down at Rs 152.65 apiece on the BSE/ Representational image | File Image

State-owned Canara Bank on Tuesday opened its QIP to raise up to Rs 2,500 crore and set the floor price of the issue at Rs 155.58 per equity share.

The bank's sub-committee of the board, capital planning process, at its meeting held on Tuesday and authorised the opening of the QIP (qualified institutional placement), Canara Bank said in a regulatory filing.

The lender said the floor price of the issue has been set at Rs 155.58 per equity share.

"The bank may at its discretion offer a discount of not more than five per cent on the floor price so calculated for the QIP," Canara Bank said.

A meeting of the sub-committee of the board will be held on August 23, to determine the issue price for the equity shares as well as the number of shares to be allotted to qualified institutional buyers, pursuant to the QIP, it added.

Canara Bank's shares on Tuesday closed 3.05 per cent down at Rs 152.65 apiece on the BSE.

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