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Canara Bank raises $443 mn in share sale: sources

Canara Bank raises $443 mn in share sale: sources
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First Published: Thu, Mar 10 2011. 12 24 PM IST
Updated: Thu, Mar 10 2011. 12 24 PM IST
Mumbai: State-run lender Canara Bank has raised about Rs 2000 crore ($443 million) by selling shares to institutional investors, two sources with direct knowledge of the development said on Thursday.
“The response from investors, especially from foreigners, was very encouraging,” said a source, declining to be named as the information was not public yet. “The total upsized book portion has been covered.”
The shares were sold at Rs 604 a share, the sources said, which is a discount of nearly 3 percent to their Wednesday closing price of Rs 620.70.
JPMorgan , HSBC , SBI Capital and JM Financial are the bookrunners for the issue, the sources said.
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First Published: Thu, Mar 10 2011. 12 24 PM IST
More Topics: Canara Bank | Share Sale | Shares | Markets | Banking |