Canara Bank to raise up to Rs 3,500 cr through QIP

Canara Bank said it will raise up to Rs 3,500 crore capital through a Qualified Institutions Placement (QIP) route.

The decision in this respect was taken at the bank’s board meeting held on Tuesday.

“The board of bank at its meeting held on December 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.

(Agencies)

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