State-owned Canara Bank Thursday said it proposes to raise Rs 6,000 crore by issuing shares on private placement basis.
The board approved proposal to raise equity share capital amounting up to Rs 250 crore through Qualified Institutional Placement (QIP) route, by issuing up to 25 crore equity shares of face value Rs 10 each, with a premium to be decided as per the applicable guidelines for an aggregate amount not exceeding Rs 6,000 crore inclusive of such premium, Canara Bank said in a filing to stock exchanges.
"The said QIP issue shall be within the overall maximum limit of Board approved capital raising plan (FY 2018-19) of Rs 7,000 crore and is subject to market conditions and necessary approvals," it said.
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app