New Delhi (26.06.2021): Under the Qualified Institutional Placement (QIP), Life Insurance Corporation (LIC), SBI Life and Canara Bank were among the top investors to pick up stakes in Indian Bank. LIC, which is the country's largest and the only state-owned life insurer picked up 17.80 percent of the shares issued under QIP. It was followed by SBI Life Insurance (11.87 percent), SBI Mutual Fund and its various schemes (11.87 percent), Societe Generale and its various schemes (9.74 percent) and Canara Bank subscribing to 5.93 percent of the shares offered in the issue. Indian Bank raised a total of Rs 1,650 crore in its QIP of shares, which were issued at Rs 142.15 apiece. The state-owned lender said it allotted 11,60,74,569 new equity shares to the eligible qualified institutional buyers (QIBs) in the issue that opened on June 21 and closed on June 24. In March this year, its board's committee on capital raising had given approval for raising equity capital aggregating up to Rs 4,000 crore through QIP in one or more tranches.
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LIC, SBI Life and Canara Bank top investors in Indian Bank
By IndianMandarins - 2021-06-26 11:28:00
New Delhi (26.06.2021): Under the Qualified Institutional Placement (QIP), Life Insurance Corporation (LIC), SBI Life and Canara Bank were among the top investors to pick up stakes in Indian Bank.
LIC, which is the country's largest and the only state-owned life insurer picked up 17.80 percent of the shares issued under QIP. It was followed by SBI Life Insurance (11.87 percent), SBI Mutual Fund and its various schemes (11.87 percent), Societe Generale and its various schemes (9.74 percent) and Canara Bank subscribing to 5.93 percent of the shares offered in the issue.
Indian Bank raised a total of Rs 1,650 crore in its QIP of shares, which were issued at Rs 142.15 apiece. The state-owned lender said it allotted 11,60,74,569 new equity shares to the eligible qualified institutional buyers (QIBs) in the issue that opened on June 21 and closed on June 24.
In March this year, its board's committee on capital raising had given approval for raising equity capital aggregating up to Rs 4,000 crore through QIP in one or more tranches.
