Bank of Baroda raises Rs 4,500 cr through Qualified Institutional Placement

State-owned Bank of Baroda has raised Rs 4,500 crore equity capital through qualified institutional placement (QIP).

The capital raising committee of the board on Wednesday approved the issue and allotment of 55,07,95,593 equity shares to eligible qualified institutional buyers at issue price of Rs 81.70 per share against the floor price of Rs 85.98 apiece, aggregating to Rs 4499,99,99,948.10, the bank said in a regulatory filing.

The issue had opened on February 25, 2021 and closed on Tuesday.

The committee in its meeting last week had approved raising up to Rs 4,500 crore through an issue of equity shares through QIP.

The lender said total seven buyers were allotted more than five per cent of the equity shares offered in the issue.

The seven buyers are - Aditya Birla Sun Life Trustee 5.09 per cent; Societe Generale 9.23 per cent; ICICI Prudential Business Cycle Fund 10.17 per cent; Nippon Life India Trustee 10.17 per cent; Life Insurance Corporation 10.44 per cent, SBI Life Insurance 11.11 per cent and BNP Paribas Arbitrage 11.26 per cent.

"Pursuant to the allotment of equity shares in the issue, the paid-up equity share capital of the bank stands increased to Rs 1,034.27 crore, comprising 517,13,62,179 equity shares," said the lender.

Bank of Baroda scrip was trading at Rs 85.80 on BSE, up 3.13 per cent from previous close.