The share price of IDBI Bank fell 19 percent on Tuesday after the allotment of shares to its qualified institutional buyers (QIBs). 37.18 crore shares were allotted by the lender to its QIBs after the launch of its qualified institutional placement (QIP).

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The stock fell as much as 19.1 percent to its day's low of Rs 30.80 per share on the BSE. This is the fourth consecutive session of decline. The stock has lost 27 percent in just these 4 days.

In a meeting held on December 19, the firm approved the issue and allotment of the shares to the 44 eligible QIBs. The shares were issued at Rs 38.60, a discount of 5 percent to the floor price of Rs 40.63 apiece.

The company, through its QIP, raised Rs 1435.18 crore. It had targeted to raise Rs 2,000 crore (base size Rs 1,000 crore and the green-shoe option of Rs 1,000 crore) through the QIP issue at a floor price of Rs 40.63 apiece.

The QIP issue had opened on December 15 and closed on December 18, 2020. Among the investors who were allotted more than 5 percent of the equity shares in the QIP issue were Punjab National Bank (20.90 percent subscription, Bank of Baroda (13.94 percent), State Bank of India (13.93 percent), Indian Bank (6.97 percent), Canara Bank (6.97 percent) and Societe Generale-ODI (5.66 percent).