Canara Bank opened its QIP to raise up to Rs2,500cr and set the floor price of the issue at Rs155.58 per equity share. The issue was launched on August 17, 2021.
The 'Relevant Date' for the purpose of the QIP, in terms of Regulation 171 (a)(i) of the SEBI ICDR Regulations, is August 17, 2021, and accordingly the floor price in respect of the aforesaid QIP, based on the pricing formula as prescribed under Regulation 176 (I) of the SEBI ICDR Regulations is Rs155.58 per Equity Share, the bank said in the regulatory filing.
The Bank may at its discretion offer a discount of not more than 5% on the floor price so calculated for the QIP, the bank said.
The stock is currently trading at Rs153 up by Rs0.35 or 0.23% from its previous closing of Rs152.65 on the BSE. The scrip opened at Rs152.75 and has touched a high and low of Rs153.70 and Rs151.05 respectively.
“The Exchanges are hereby informed that subsequent to the approval accorded by the Board of Directors of the Bank, at their meeting held on May 28, 2021 and approval of Shareholders of the Bank by way of a Special Resolution at the Annual General Meeting held on August 3, 2021 for the QIP issue amounting upto Rs2500cr, the Sub Committee of the Board - Capital Planning Process of the Bank has, at its meeting held on August 17, 2021, inter alia, passed the following resolutions: (i) Authorized the opening of the QIP Issue today, i.e., August 17, 2021,” the bank added.
Further, the bank said that its Sub Committee of the Board-Capital Planning Process will meet on August 23, Monday, to consider and determine the issue price for the equity shares as well the number of shares to be allotted to qualified institutional buyers, pursuant to the QIP.