Bank Of Baroda Raises Rs 4,500 Crore Through QIP
A Bank of Baroda branch stands in Mumbai, India. (Photographer Dhiraj Singh/Bloomberg)

Bank Of Baroda Raises Rs 4,500 Crore Through QIP

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State-owned Bank of Baroda has raised Rs 4,500 crore equity capital through qualified institutional placement.

The capital raising committee of the board on Wednesday approved the issue and allotment of 55,07,95,593 equity shares to eligible qualified institutional buyers at issue price of Rs 81.70 per share against the floor price of Rs 85.98 apiece, aggregating to Rs 4499,99,99,948.10, the bank said in a regulatory filing.

The issue had opened on Feb. 25, 2021 and closed on Tuesday.

The committee in its meeting last week had approved raising up to Rs 4,500 crore through an issue of equity shares through QIP.

The lender said total seven buyers were allotted more than 5% of the equity shares offered in the issue.

The seven buyers are - Aditya Birla Sun Life Trustee 5.09%; Societe Generale 9.23%; ICICI Prudential Business Cycle Fund 10.17%; Nippon Life India Trustee 10.17%; Life Insurance Corporation 10.44%t, SBI Life Insurance 11.11% and BNP Paribas Arbitrage 11.26%.

"Pursuant to the allotment of equity shares in the issue, the paid-up equity share capital of the bank stands increased to Rs 1,034.27 crore, comprising 517,13,62,179 equity shares," said the lender.

Bank of Baroda scrip was trading at Rs 85.80 on BSE, up 3.13% from previous close.

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