The floor price of the QIP issue is Rs 94.95/- per share. The bank can offer a max of 5% discount. I.e floor price can be reduced to INR 90.20/- based on the market situation. I think this is the reason for correction today.
On a positive note,
CARE has upgraded the existing rating of the Bank’s long-term debt instruments amounting to ₹ 1,874.68 crore from ‘CARE AA / Stable’ to ‘CARE AA+ / Stable’. This is a positive update for the company.
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