Home >Companies >News >Canara Bank to raise up to 2,000 cr via QIP
(Photo: Mint)
(Photo: Mint)

Canara Bank to raise up to 2,000 cr via QIP

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.

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