Bank of Baroda announces floor price of Rs. 85.98 per share for QIP

Subsequent to the approval accorded by the Board of directors of Bank of Baroda, at its meeting held on April 24, 2020 and the special resolution passed by the shareholders of the Bank on, July 31, 2020, the Committee has, at its meeting held today i.e. 25th February, 2021, approved and adopted the preliminary placement document dated 25th February, 2021 and the application form dated 25th February, 2021 in connection with the Qualified institutions placement of equity shares of face value Rs. 2 each.

The committee authorised the opening of the Issue today, i.e. 25th February, 2021 and approved the floor price for the Issue as prescribed under the SEBI ICDR Regulations.

The 'Relevant Date' for the purpose of the Issue, in terms of the SEBI ICDR Regulations, is 25th February, 2021 and accordingly the floor price in respect of the aforesaid Issue, based on the pricing formula as prescribed under Regulation 176(1) of the SEBI ICDR Regulations is Rs. 85.98 per Equity Share. Pursuant to the SEBI ICDR Regulations, the Bank may offer a discount of not more than 5% on the floor price so calculated for the Issue. The issue price will be determined by the Bank in consultation with the book running lead managers appointed for the Issue.

Shares of BANK OF BARODA was last trading in BSE at Rs.89.9 as compared to the previous close of Rs. 88.8. The total number of shares traded during the day was 5361803 in over 14003 trades.

The stock hit an intraday high of Rs. 90.7 and intraday low of 89.1. The net turnover during the day was Rs. 482156589.

Source : Equity Bulls

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