Canara Bank board to mull QIP on 25 Sept

The board of the state-run bank will meet on 25 September 2020 to consider raising capital through qualified institutional placements (QIPs).

Canara Bank net profit rose 23.5% to Rs 406.24 crore on 47.1% rise in total income to Rs 20,685.91 crore in Q1 June 2020 over Q1 June 2019.

Canara Bank is a state-owned commercial bank with headquarters in Bangalore. The Government of India held 78.55% stake in the bank as of 30 June 2020.

Shares of Canara Bank shed 2.69% to Rs 95.95 on BSE. The stock has jumped 29.92% from its 52-week low of Rs 73.85 hit on 24 March 2020.

 

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