Money & Banking

LIC, SBI Life, Canara Bank pick up stakes in Indian Bank under QIP

PTI New Delhi | Updated on June 26, 2021

The Bank has allotted 11,60,74,569 new equity shares to the eligible qualified institutional buyers in the issue

Life Insurance Corporation (LIC), SBI Life and Canara Bank were among the top investors picking up stakes in Indian Bank under a QIP, according to a regulatory filing.

The country's largest and the only state-owned life insurer, LIC, picked up 17.80 per cent of the shares issued under the qualified institutional placement (QIP), which closed on Thursday.

It was followed by SBI Life Insurance (11.87 per cent), SBI Mutual Fund and its various schemes (11.87 per cent), Societe Generale and its various schemes (9.74 per cent) and Canara Bank subscribing to 5.93 per cent of the shares offered in the issue, according to the regulatory filing by Indian Bank.

Indian Bank raised a total of ₹1,650 crore in its QIP of shares, which were issued at ₹142.15 apiece.

The state-owned lender said it allotted 11,60,74,569 new equity shares to the eligible qualified institutional buyers (QIBs) in the issue that opened on June 21 and closed on June 24.

In March this year, its board's committee on capital raising had given approval for raising equity capital aggregating up to ₹4,000 crore through QIP in one or more tranches.

Indian Bank's shares closed at ₹148.35 apiece on the BSE, up 0.64 per cent from the previous close.

Published on June 25, 2021

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