Canara Bank sets issue price for Rs 2,000 cr QIP at Rs 103.50 a share

State-run Canara Bank on Thursday said it has approved the issue price at Rs 103.50 per share for its qualified institutional placement (QIP) to raise Rs 2,000 crore.

Earlier this week, the bank had set the floor price for the issue at Rs 103.50 apiece.

In respect of the QIP, the sub-committee of the board at its meeting held on December 10 "approved the closure of the issue period for QIP today (i.e., December 10, 2020)", Canara Bank said in a regulatory filing.

The sub-committee approved the "issue price at the floor price of Rs 103.50 per equity share...for an aggregate value of Rs 2,000 crore to be allotted to eligible qualified institutional buyers in the QIP", the bank said.

Further, it has also approved the confirmation of allocation note to be sent to the qualified institutional buyers, intimating them of allocation of equity shares pursuant to the QIP, it added.

Stock of Canara Bank closed 4.37 per cent down at Rs 122.50 apiece on BSE.