Canara Bank shares up 4% on fund raising plan

Internet Desk | Updated on September 25, 2020 Published on September 25, 2020

Canara Bank at its meeting held on Friday has decided to raise additional capital worth ₹2,000 crore through a Qualified Institutional Placement.

The public sector lender further said, it will issue equity shares of ₹10 each in one or more tranches, and the premium will be decided as per applicable guidelines.

The bank had earlier said it would raise up to ₹5,000 crore equity capital through various modes in the current fiscal year to boost its capital adequacy ratio.

Post the announcement, the shares of the banker gained as much as 4.26 per cent to ₹86.85.

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Published on September 25, 2020
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