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Three life insurers bag more than 5% of BoI’s ₹2,550-cr QIP issue

Our Bureau Mumbai | Updated on August 31, 2021

LIC accounts for 39.2% of issue size; ICICI Prudential and Bajaj Allianz 7.84 per cent each

Three qualified institutional buyers (QIBs) — Life Insurance Corporation of India (LIC), ICICI Prudential Life Insurance Company and Bajaj Allianz Life Insurance Company — have been allotted more than 5 per cent equity shares in Bank of India’s (BoI) qualified institutions placement (QIP) issue, aggregating ₹2,550 crore.

The public sector bank, in a regulatory filing, said that its capital issue committee had on August 31, 2021, approved the allotment of about 40.54 crore equity shares to eligible QIBs at an issue price of ₹62.89 per equity share.

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The issue price is at a discount of 4.99 per cent (that is, ₹3.30 per equity share) to the floor price of ₹66.19 per equity share, per the filing

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The QIP opened on August 25, and closed on August 30.

LIC accounted for 39.2155 per cent of the total QIP issue size, followed by ICICI Prudential Life Insurance Company and Bajaj Allianz Life Insurance Company (7.8431 per cent each).

Published on August 31, 2021

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