Canara Bank's board approves plan to raise up to Rs 9,000 crore in FY22

State-run Canara Bank’s board approved a plan to raise up to Rs 9,000 crore in the current financial year (FY22), of which Rs 2,500 crore will be through a Qualified Institutional Placement (QIP), to meet regulatory norms and support growth.
 
The total amount would be raised through a mix of equity and debt instruments and is subject to market conditions and necessary approvals, the bank informed the BSE on Friday.
 
The bank had raised Rs 2,000 crore through another QIP in December 2020.
 
Last week another public sector lender — Union Bank of India — raised Rs