Canara Bank closes QIP by raising Rs 2,500 cr equity capital

New Delhi: State-owned closed its QIP, garnering a total of Rs 2,500 crore equity capital in the issue. Last week, the bank had launched the qualified institutions placement (QIP), setting the floor price at Rs 155.58 per equity share.

The meeting of the sub-committee of the board - Capital Planning Process of the Board of Directors of the bank approved the closure of the issue period for QIP today (August 23, 2021), Canara Bank said in a regulatory filing on Monday.

The sub committee approved the issue price of Rs 149.35 per equity share, which is at a discount of Rs 6.23 per equity share to the floor price, for an aggregate value of Rs 2,500 crore to be allotted to the eligible qualified institutional buyers in the QIP, the bank said.

Canara Bank stock closed flat at Rs 152.80 apiece on BSE.