IDBI Bank raises Rs 1,435 crore from 44 investors

By: |
December 19, 2020 7:42 PM

The bank had targeted to raise Rs 2,000 crore (base size Rs 1,000 crore and green-shoe option of Rs 1,000 crore) through the QIP issue at a floor price of Rs 40.63 apiece.

Like IDBI Bank, Punjab National Bank has raised less than the targeted amount from its QIP which closed on Friday.

IDBI Bank has raised Rs 1,435 crore through an issue of equity shares to 44 qualified institutional investors, according to a regulatory filing.

The bank had targeted to raise Rs 2,000 crore (base size Rs 1,000 crore and green-shoe option of Rs 1,000 crore) through the QIP issue at a floor price of Rs 40.63 apiece.

The QIP committee of the board of directors at its meeting held on December 19, 2020 approved the issue and allotment of 3,71,808,177 equity shares to 44 eligible qualified institutional buyers at the issue price of Rs 38.60 per share, IDBI Bank said in a regulatory filing.

The shares were issued at a discount of 5 per cent to the floor price of Rs 40.63 apiece, it said. The QIP issue had opened on December 15 and closed on December 18, 2020.

Among the investors who were allotted more than 5 per cent of the equity shares in the QIP issue were Punjab National Bank (20.90 per cent subscription); Bank of Baroda (13.94 per cent); State Bank of India (13.93 per cent); Indian Bank (6.97 per cent); Canara Bank (6.97 per cent) and Societe Generale-ODI (5.66 per cent).

Post the allotment of equity shares in the issue, the paid-up equity share capital of the bank stands increased to Rs 10,752.40 crore, comprising of 10,752,402,175 equity shares, IDBI Bank said.

Like IDBI Bank, Punjab National Bank has raised less than the targeted amount from its QIP which closed on Friday.

A day earlier, PNB had said it has approved to issue 106,70,52,910 equity shares at a discount of 4.95 per cent from floor price aggregating to Rs 3788,03,78,305 (Rs 3,788.03 crore) to be allotted to eligible qualified institutional buyers in the issue.

PNB had planned to raise up to Rs 7,000 crore through qualified institutional placement (QIP) that had opened on Tuesday.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Yes Bank board to meet on Friday to consider fund raising plan
2Banks’ low profitability, weak asset quality pose difficulty in boosting digitisation: S&P
3DHFL resolution: Lenders approve resolution plan submitted by Piramal Capital and Housing Finance Limited