NEWS
Canara Bank raises Rs 2,500 cr via QIP
Canara Bank’s QIP subscribed by foreign as well as domestic QIBs; Rakesh Jhunjhunwala holds 1.59% stake in the bank.
Canara Bank’s QIP subscribed by foreign as well as domestic QIBs; Rakesh Jhunjhunwala holds 1.59% stake in the bank.
Canara Bank, India’s third-largest public sector bank, has raised Rs 2,500 crore through qualified institutional placement (QIP).
As per shareholding data, ace investor Rakesh Jhunjhunwala has picked up a stake in Canara Bank via the QIP. He now holds 1.59% stake in the bank. Among banking stocks, he also has Federal Bank and Karur Vysya Bank.
The QIP was fully subscribed and saw a strong response from foreign as well as from domestic qualified institutional buyers (QIBs), Canara Bank said on Wednesday.
“This capital will enable the bank to improve the CET (common equity tier) ratio and in turn, will support further asset growth,” the bank added.
The issue opened on 17 August and closed on 23 August.
The bank’s last issuance was in December 2020, which was also fully subscribed.
Canara Bank has approved allotment of over 16.73 crore shares in the Rs 2,500 crore QIP that closed a day earlier.
A total of seven investors have been allotted more than 5% of the equity offered in the QIP issue.
