AU Small Finance Bank share climbed 3% today 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.
AU Small Finance stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Market cap of the bank rose to Rs 38,435 crore on BSE. In one year, the bank has gained 17.9% and risen 46.87% since the beginning of this year.
The stock hit a record high of Rs 1,316 on Tuesday, March 9.
Floor price of the QIP has been set at Rs 1,181.06 per share, on which the lender may offer a discount of not more than 5 per cent, according to its exchange filing. The bank's capital-raising committee, it said, will meet on March 15 to determine the issue price and discount to be offered.
The bank said it intends to utilise the net proceeds for supporting the long-term growth aligned to the bank's internal risk appetite, maintain sufficient headroom over and above the regulatory capital adequacy requirements and/or for general corporate requirements or any other purposes.