Moneycontrol PRO

Rakesh Jhunjhunwala picks 1.59% stake in Canara Bank

The state-run bank earlier in the day said it has approved the allotment of over 16.73 crore shares in the Rs 2,500 crore qualified institutions placement (QIP) that closed a day earlier.

August 24, 2021 / 09:18 PM IST
Rakesh Jhunjhunwala (Illustration: Moneycontrol)

Rakesh Jhunjhunwala (Illustration: Moneycontrol)

Ace investor Rakesh Jhunjhunwala has picked a 1.59 percent stake in state-run Canara Bank, BSE data showed.

According to a shareholding statement issued on August 24, the Big Bull has scooped up 2,88,50,000 shares or 1.59 percent in the lender.

The state-run bank earlier in the day said it has approved the allotment of over 16.73 crore shares in the Rs 2,500 crore qualified institutions placement (QIP) that closed a day earlier.

The QIP opened on August 17 and closed on August 23, 2021.

The sub-committee of the board, capital planning process of the board of directors of the bank, at its meeting held on August 24, 2021, approved the allotment of 16,73,92,032 equity shares to eligible qualified institutional buyers at an issue price of Rs 149.35 per equity share, aggregating up to Rs 2,500 crore, Canara Bank said in a regulatory filing.

Close

A total of seven investors have been allotted more than 5 percent of the equity offered in the QIP issue, said the Bengaluru-based lender.

LIC subscribed to 15.91 percent; BNP Paribas Arbitrage 12.55 percent; Societe Generale 7.97 percent; Indian Bank and ICICI Prudential Life Insurance - 6.37 percent each.

Morgan Stanley Asia (Singapore) Pte-ODI bought 6.16 percent of the shares issued in QIP and Volrado Venture Partners Fund II 6.05 percent.

The stock of the bank on Tuesday settled nearly 2 percent higher at Rs 155.70 on the BSE.

(With inputs from PTI)
Moneycontrol News
first published: Aug 24, 2021 09:06 pm

stay updated

Get Daily News on your Browser
Sections
ISO 27001 - BSI Assurance Mark