Rakesh Jhunjhunwala buys 1.59% stake in Canara Bank by admin- Wednesday, August 25th, 2021 04:06:07 PM
Ace investor Rakesh Jhunjhunwala has picked a 1.Fifty nine% stake in state-run Canara Bank, as according to reports.
According to a shareholding statement issued on August 24, the Big Bull has scooped up 2,88,50,000 shares or 1.Fifty nine% within the lender.
The country-run financial institution earlier within the day said it has approved the allotment of over 16.73 crore shares within the Rs 2,500 crore qualified establishments placement (QIP) that closed an afternoon in advance.
The QIP opened on August 17 and closed on August 23, 2021.
The sub-committee of the board, capital planning technique of the board of administrators of the bank, at its assembly hung on August 24, 2021, approved the allotment of sixteen,73,92,032 fairness shares to eligible qualified institutional buyers at an issue charge of Rs. 149.35 consistent with equity share, aggregating as much as Rs. 2,500 crore.