Bank of Baroda dips on equity expansion post pref allotment to GoI

The bank will allot 9.26 crore shares to the Government of India at a price not less than Rs.192.74/share

Shares of Bank of Baroda were down nearly 3% at Rs 179 on the Bombay Stock Exchange on concerns that earnings could be hurt post the expansion of equity capital after preferential allotment of shares to the Government of India.

The issue price has been determined at not being less than Rs.192.74 per share of of the face value of Rs.2/- each (Rupees One Hundred Ninety Two and Paise Seventy Four Only) calculated as per SEBI ICDR Regulations, 2009 as amended, the bank said in a release to the stock exchange.

The number of equity shares to be created, issued and allotted to Government of India on preferential basis shall be 9,26,63,692.

The stock opened at Rs 182 and touched a low of Rs 179. At 12:15PM, over 2.7 million shares were traded on both the stock exchanges.