Canara Bank to raise up to ₹2,000 cr via QIP1 min read . Updated: 25 Sep 2020, 04:14 PM IST
The said QIP issue shall be within the overall maximum limit of Board approved capital raising plan of ₹5,000 cr for FY21
New Delhi: State-owned Canara Bank on Friday said its board approved raising an additional equity capital of up to ₹2,000 crore through Qualified Institutional Placement (QIP).
The QIP issue shall be within the overall maximum limit of board-approved capital raising plan for 2020-21 of ₹5,000 crore equity capital and is subject to market conditions and necessary approvals, the lender said in a stock exchange filing.
The bank's board at its meeting held on Friday decided to raise an "additional equity share capital amounting up to ₹2,000 crore, including securities premium, through the QIP route", it added.
As per the filing, the number of equity shares of the face value of ₹10 each in one or more tranches with a premium will be decided as per applicable guidelines/ regulations.
On Friday, shares of Canara Bank gained nearly five per cent to ₹87.30 on BSE.
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.