Bank of Baroda said that its board approved raising upto Rs 4,500 crore through qualified institutions placement (QIP) of equity shares.
The bank has launched the QIP issue on 25 February 2021. The floor price of the qualified institutional placement is fixed at Rs 85.98 per share. Pursuant to the SEBI ICDR Regulations, the bank may offer a discount of not more than 5% on the floor price so calculated for the issue.
The scrip dropped 4.89% to Rs 85.50 on the BSE. It traded in the range of Rs 85.20 and Rs 87.25 so far during the day.
The announcement was made after market hours yesterday, 25 February 2021.
Bank of Baroda is an Indian state-owned banking and financial services organization. The bank has a domestic presence spanning 8,246 branches and 11,553 ATMs and cash recyclers supported by self-service channels.
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