Canara Bank is expected to list its shares in major bourses on a positive note this week as the bank's Rs 385 crore initial public offer was overscribed by 1.9 times.
"The IPO was overscribed by 1.9 times and the bank received applications worth 697 crore (Rs 6.97 billion). We will list the shares in December third week," Canara Bank chairman R V Shastri said in New Delhi.
The bank received applications worth Rs 640 crore (Rs 6.40 billion) from public, who would be allotted shares worth 346 crore (Rs 3.46 billion) on a pro-rata basis.
Canara Bank employees also applied for shares worth Rs 54 crore (Rs 540 million) of which Rs 38.5 crore (Rs 385 billion) would be allotted.
Shastri said the bank will list its shares on NSE, BSE and Bangalore Stock Exchange.
Government holding in Canara Bank would come down to 73.17 per cent following the IPO priced at Rs 35 per share.