LIC largest investor State-owned Canara Bank on Friday said it has successfully raised Rs 2,000 crore equity capital by issuing over 19 crore shares to eligible investors. LIC emerged as the largest investor in the bank's qualified institutional placement (QIP) issue. The subcommittee of the board at its meeting held today (December 11, 2020), approved allotment of 19,32,36,714 equity shares to eligible qualified institutional buyers (QIBs) at an issue price of Rs 103.50 per equity share, aggregating up to Rs 2,000 crore, Canara Bank said. The QIP had opened on December 7 and closed on December 10.
Among the allottees - who were allotted more than 5 percent of the total equity shares offered in the issue - include Life Insurance Corporation (25 percent), BNP Paribas Arbitrage (9.11 percent), Nippon Life India Trustee Ltd (8.81 percent), Societe Generale (7.91 percent) and Kuber India Fund (6.16 percent).
"Pursuant to the allotment of equity shares in the QIP, the paid-up equity share capital of the bank stands increased from Rs1,453.50 crore to Rs1,646.74 crore comprising of 1,64,67,38,220 equity shares of the face value of Rs 10 each," Canara Bank said.
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