LIC, SBI Life, Canara Bank pick up stakes in Indian Bank under QIP
LIC picked up 17.80% of the shares issued under the qualified institutional placement
New Delhi: 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% of the shares issued under the qualified institutional placement (QIP), which closed on Thursday.
It was followed by SBI Life Insurance (11.87%), SBI Mutual Fund and its various schemes (11.87%), Societe Generale and its various schemes (9.74%) and Canara Bank subscribing to 5.93% of the shares offered in the issue, according to the regulatory filing by Indian Bank.
Indian Bank raised a total of Rs 1,650 crore in its QIP of shares, which were issued at Rs 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 Rs 4,000 crore through QIP in one or more tranches.
Indian Bank’s shares closed at Rs 148.35 apiece on the BSE, up 0.64% from the previous close.