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AU Small Finance Bank share rises over 4% after firm raises Rs 625.50 crore via QIP

Share of AU Small Finance Bank gained 4.28% to Rs 1,238.05 against previous close of Rs 1187.25 on BSE

twitter-logoBusinessToday.In | March 16, 2021 | Updated 12:44 IST
AU Small Finance Bank share rises over 4% after firm raises Rs 625.50 crore via QIP
AU Small Finance Bank share has gained 35.83% in one year and risen 43.93% since the beginning of this year.

AU Small Finance Bank share rose over 4% today after the company raised Rs 625.50 crore via qualified institutional placement (QIP). Share of AU Small Finance Bank gained 4.28% to Rs 1,238.05 against previous close of Rs 1187.25 on BSE.

The stock trades higher than 20 day, 50 day, 100 day and 200 day moving averages but lower than 5 day moving averages.

The large cap share has gained 35.83% in one year and risen 43.93% since the beginning of this year.

Market cap of the firm rose to Rs 37,666 crore on BSE. "..... board approved allotment of 50,00,000 equity shares of face value Rs 10 each to eligible qualified institutional buyers at the issue price of Rs 1251 per equity share, i.e., at a premium of Rs 1241 per equity share aggregating to Rs 625,50,00,000," the company said in BSE release.

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The issue was launched on March 9 with a floor price of Rs 1,181.06 and closed on March 15.

Pursuant to the allotment of equity shares in the issue, the paid-up equity share capital of the bank stands increased from Rs 307,08,99,980 consisting of 30,70,89,998 equity shares to Rs 312,08,99,980 consisting of 31,20,89,998 equity shares, the company said.

The issue saw strong interest from both domestic and international institutional investors. The entire QIP was subscribed by sovereign wealth funds, large foreign portfolio investors, life insurance company and domestic mutual funds.

AU Small Finance Bank share climbed 3% on March 10 after the lender launched its qualified institutional placement (QIP) issue to raise growth capital.

The large cap stock has gained after 3 days of consecutive fall. The share touched an intraday high of Rs 1,268, rising 2.98% against previous close of Rs 1,232.55 on BSE.

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