Canara Bank Sets Floor Price Of Rs 103.50 Per Share For QIP
A pedestrian walks past State Bank of India and Canara Bank automated teller machines (ATM) in Mumbai, India. (Photographer: Adeel Halim/Bloomberg)

Canara Bank Sets Floor Price Of Rs 103.50 Per Share For QIP

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Canara Bank Ltd. on Monday said it has set a floor price of Rs 103.50 per share for its qualified institutional placement to raise 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 held on Dec. 7, authorised the opening of the QIP issue and approved the floor price of Rs 103.50 per equity share, Canara Bank said in 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 held on Thursday, Dec. 10, 2020 to consider and 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," the bank said.

Also read: QIP Mechanism: SEBI Proposes Discontinuing Segregated Offering Of NCDs, Warrants

Shares of Canara Bank on Monday closed higher than its QIP floor price at Rs 117.55 apiece on the BSE, up 5.62% from its previous close.

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