Canara Bank to raise Rs 2000 crore through QIP

Canara Bank announced on Friday that that has approved raising of equity capital of Rs 2,000 crore through Qualified Institutional Placement (QIP).

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Canara Bank announced on Friday that that has approved raising of equity capital of Rs 2,000 crore through Qualified Institutional Placement (QIP).

The Bangalore based Canara bank merged with Syndicate bank raising plans is part of the Rs 5,000 crore limit decided by the Board.

The BSE regulatory filing said. “This is to inform the Exchange that the Board of the Bank at its meeting held today, on 25.09.2020 (Friday), has decided to raise additional Equity Share Capital amounting up to Rs.2000 Crore (including Securities Premium), through Qualified Institutional Placement (QIP) route, by issuing such number of equity shares of face value of Rs. I 0/- each in one or more tranches with a premium to be decided as per applicable guidelines / regulations.
The said QIP issue shall be within the overall maximum limit of Board approved capital raising plan (FY 2020- 21) of Rs.5000 Crore Equity Share Capital (including premium) and is subject to market conditions and necessary approvals.”

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