Canara Bank to consider raising capital

The Board of Canara Bank, during the course of their meeting on 15.06.2017, has discussed the fund raising proposal and permitted the Bank to raise Capital at an appropriate time subject to necessary approvals and eligibility as per the following details.

- Equity capital up to Rs. 3500 Crore, inclusive of premium to be decided, by way of Qualified Institutional Placement / Rights Issue / Preferential Allotment / Follow-on Public Offer / any other mode approved by Reserve Bank of India / Government of India;

- Basel III Compliant Additional Tier I Bonds up to Rs. 1800 Crore; and

- Basel III Compliant Tier II Bonds up to Rs. 1000 Crore;

The bank would seek the approval of the shareholders for raising of Equity Capital in the ensuing AGM of the Bank.

The Board Meeting commenced at 02.30 PM and concluded at 07.25 PM.

Shares of CANARA BANK was last trading in BSE at Rs.352 as compared to the previous close of Rs. 355.5. The total number of shares traded during the day was 278850 in over 2751 trades.

The stock hit an intraday high of Rs. 355.4 and intraday low of 350.3. The net turnover during the day was Rs. 98229964.

Source : Equity Bulls

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