Bank of Baroda raises Rs 4,500 crore via QIP

Bank of Baroda

Public sector lender Bank of Baroda has raised Rs 4,500 crore equity capital via qualified institutional placement (QIP).

On Wednesday the capital raising committee of the board cleared 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, said the bank in a regulatory filing.

The issue was opened on February 25, 2021 and closed on Tuesday.

Last week, in its meeting the board had approved the raising up to Rs 4,500 crore via an issue of equity shares through QIP.

The lender sated that the total seven buyers were allotted more than five percent of the total equity shares offered in the issue.

Also Read: Bank of Baroda unveils its digital lending platform

The seven buyers who got the allotment are namely Aditya Birla Sun Life Trustee 5.09 per cent; Societe Generale 9.23 per cent; ICICI Prudential Business Cycle Fund 10.17 percent; Nippon Life India Trustee 10.17 percent; Life Insurance Corporation 10.44 percent, SBI Life Insurance 11.11 percent and BNP Paribas Arbitrage 11.26 percent.

“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 bank.

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