Fund infusion bodes well for Canara Bank

Shares of Canara Bank will remain in focus, as shareholders of the PSU bank on Friday approved a proposal to allot shares to the Government. The bank will allot 1.394 crore shares at ₹408.95 a share to the Centre on a preferential allotment basis. The preferentail issue follows the Government’s decision to infuse ₹570 crore in the PSU major in 2014-15. The stock of Canara Bank on Friday closed flat at ₹363 on the NSE.