Money & Banking

Bank of Baroda allots 55 crore shares worth ₹4,500 crore to QIBs

Our Bureau | Updated on March 03, 2021

BNP Paribas Arbitrage, SBI Life, LIC, Nippon India Large Cap Fund, ICICI Prudential Business Cycle Fund each allotted more than 5% equity

Eligible qualified institutional buyers (QIBs), including BNP Paribas Arbitrage, SBI Life Insurance Company and Life Insurance Corporation of India, have been collectively allotted about 55 crore equity shares aggregating about ₹4,500 crore by the Capital Raising Committee of the Board of Directors of Bank of Baroda (BoB).

BoB’s qualified institutional placement (QIP) issue opened for subscription on February 25, 2021 and closed on March 2.

According to the bank’s regulatory filing, the issue price of ₹81.70 per equity share (including a premium of ₹79.70 per equity share) was at a discount of 5 per cent to the floor price of ₹85.98 per equity share determined as per SEBI Regulations for equity shares to be allotted to eligible QIBs in the issue.

The QIBs who have been allotted more than 5 per cent of the equity shares offered in the issue include BNP Paribas Arbitrage (11.26 per cent of the issue size), SBI Life Insurance Company (11.11 per cent), Life Insurance Corporation of India (10.44 per cent), and Nippon India Large Cap Fund and ICICI Prudential Business Cycle Fund (10.17 per cent each).

Published on March 03, 2021

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