IDBI Bank raises ₹1,435 cr; issue subscribed by 44 QIBs

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IDBI Bank’s Qualified Institutions Placement (QIP) issue has been subscribed by 44 Qualified Institutional Buyers (QIBs) aggregating to ₹1,435.18 crore, with five public sector banks (PSBs) collectively getting a chunk of the allotment.

The QIP issue was for ₹2,000 crore (base size ₹1,000 crore and green shoe option of ₹1,000 crore).

The QIBs, which have been allotted more than five per cent of the issue size, include Punjab National Bank (20.90 per cent); Bank of Baroda (13.94 per cent); State Bank of India (13.93 per cent); Indian Bank and Canara Bank (6.97 per cent each); and Societe Generale – ODI (5.66 per cent), the bank said in a regulatory filing.

Discount of 5%

The QIP Committee of the bank’s Board of Directors on Saturday approved the issue and allotment of about 37.18 crore equity shares to the 44 eligible QIBs at the issue price of ₹38.60 per equity share (including a premium of ₹28.60 per equity share).

The bank offered a discount of about 5 per cent on the floor price of ₹40.63 per equity share. As per the filing, pursuant to the allotment of equity shares in the issue, the paid-up equity share capital of the bank stands increased to ₹1,0752.40 crore, comprising 1075.24 equity shares.

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