Canara Bank's board of directors has approved raising of funds through the QIP route or by way of preferential allotment during the current financial year.
In a communication to the stock exchanges, the bank said that its board today discussed various options to raise funds because of Basel III guidelines and to meet its business requirements. The board chose to raise funds through QIP mode or through preferential allotment in the current fiscal. It has constituted a Committee of Directors to fix the option.
However, the quantum of capital to be raised was not mentioned by the bank in its communication.
Shares of the bank are up by Rs 6 to Rs 292.80 on the BSE.