Pedestrians walk past a Canara Bank Ltd. bank branch in Mumbai, India, on Saturday, Oct. 19, 2013. (Photographer: Dhiraj Singh/Bloomberg)

Canara Bank To Raise Up To Rs 3,500 Crore Via QIP

Canara Bank today said it will raise up to Rs 3,500 crore capital by issuing shares to qualified institutional investors. The decision was taken at the bank’s board meeting held today.

"The board of bank at its meeting held on Dec. 26, 2017 has decided to raise additional equity share capital amounting up to Rs 90 crore through qualified institutional placement (QIP) route, by issuing up to 9 crore equity shares of a face value of Rs 10 each with a premium to be decided as per the applicable guidelines/regulations for an aggregate amount not exceeding Rs 3,500 crore inclusive of such premium," it said in a regulatory filing.

Canara Bank said stock closed 1.26 percent higher at Rs 374.60 apiece.