Life Insurance Corporation of India (LIC), BNP Paribas Arbitrage, Societe Generale and Indian Bank are among the qualified institutional buyers (QIBs) allotted more than 5 per cent equity shares in Canara Bank’s qualified institutions placement (QIP) issue aggregating ₹2,500 crore.
As per the latest shareholding pattern, big bull Rakesh Jhunjhunwala has picked up 1.59 per cent stake in Canara Bank.
The public sector bank, in a regulatory filing, said the Sub-Committee of the Board — Capital Planning Process of its Board of Directors, at its meeting held on August 24, 2021, approved the allotment of about 16.73 crore equity shares to eligible QIBs at an issue price of ₹149.35 per equity share.
The QIP opened on August 17 and closed on August 23.
LIC accounted for 15.91 per cent of the total QIP issue size, followed by BNP Paribas Arbitrage (12.55 per cent), Societe Generale (7.97 per cent), Indian Bank and ICICI Prudential Life Insurance Company (6.37 per cent each), Morgan Stanley Asia (Singapore) Pte - ODI (6.16 per cent) and Volrado Venture Partners Fund II (6.05 per cent).
Following the QIP, the Central government’s stake in Canara Bank, as on August 24, 2021, has come down to 62.93 per cent stake (against 69.33 per cent in the quarter ending June 30, 2021).
The shareholding of LIC, which is single largest public shareholder, has gone up from 8.11 per cent to 8.83 per cent stake.
Canara Bank shares closed at ₹151.05 apiece, down 2.99 per cent over the previous close on BSE.