Canara Bank had passed a special resolution by shareholder at its EGM on April 30 for issue and allotment of 4 crore equity shares to Life Insurance Corporation of India (LIC).
"...Has allotted 4,00,00,000 fully paid-up equity shares on May 12 to Life Insurance Corporation of India/Schemes of LIC on preferential basis," it said in a filing to BSE.
On the basis of yesterday's closing value of bank's share at Rs 349.20, the valuation of four crore shares sold to LIC comes at Rs 1,396.80 crore.
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