Canara Bank Ltd opens QIP on Aug 17, 2021

Subsequent to the approval accorded by the Board of Directors of Canara Bank, at their meeting held on May 28, 2021 and approval of Shareholders of the Bank by way of a Special Resolution at the Annual General Meeting held on August 3, 2021 for the QIP issue amounting upto Rs 2500 Crores, the Sub Committee of the Board - Capital Planning Process of the Bank has, at its meeting held today, i.e., August 17, 2021, have authorized the opening of the QIP Issue today, i.e., August 17, 2021 and approved and adopted the Preliminary Placement Document dated August 17, 2021 (the "Preliminary Placement Document") and the application form dated August 17, 2021, in connection with the QIP.

The committee also approved the floor price of Rs. 155.58 per Equity Share for the QIP.

The floor price in respect of the aforesaid QIP, based on the pricing formula as prescribed under Regulation 176( I) of the SEBI ICDR Regulations is Rs. 155.58 per Equity Share. The Bank may at its discretion offer a discount of not more than 5% on the floor price so calculated for the QIP.

Shares of Canara Bank was last trading in BSE at Rs. 152.65 as compared to the previous close of Rs. 157.45. The total number of shares traded during the day was 858241 in over 6322 trades.

The stock hit an intraday high of Rs. 157.3 and intraday low of 151.8. The net turnover during the day was Rs. 131795485.

Source : Equity Bulls

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