Money & Banking

Canara Bank plans to raise Rs 3,000 cr via QIP

Abhishek Law Kolkata | Updated on November 25, 2017 Published on August 21, 2014

Bangalore-headquartered Canara Bank aims to raise ₹ 3,000 crore through a qualified institutional placement (QIP) issue.

The QIP issue is expected any time next month, according to RK Dubey, Chairman and Managing Director, Canara Bank.

Dubey was speaking to reporters on the sidelines of FICCI Banking conclave.

A follow-on public offer (FPO) is expected next fiscal (FY16).

"I have all the required permissions from the Reserve Bank of India. Once I get the clearance from the Finance Ministry, we will go ahead with the QIP. The FPO will come next fiscal," he said.

According to Dubey, the bank is also looking forward to a capital infusion of ₹ 500 crore from the Centre.

Published on August 21, 2014
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