Canara Bank rose 0.9% to Rs 377.90 at 10:40 IST on BSE after the bank announced that its board approved raising additional equity share capital.
The announcement was made after market hours yesterday, 26 December 2017.Meanwhile, the S&P BSE Sensex was up 91.21 points, or 0.27% to 34,101.82.
On the BSE, 40,622 shares were traded in the counter so far, compared with average daily volumes of 3.17 lakh shares in the past one quarter. The stock had hit a high of Rs 384 and a low of Rs 372.50 so far during the day. The stock had hit a 52-week high of Rs 463.40 on 26 October 2017. The stock had hit a 52-week low of Rs 250.17 on 2 January 2017.
The large-cap psu bank has equity capital of Rs 597.29 crore. Face value per share is Rs 10.
The stock has gained 3.42% in four sessions to its ruling price, from a close of Rs 365.40 on 20 December 2017.
Canara Bank announced that its board approved raising additional equity share capital amounting upto Rs 90 crore (based on face value) through qualified institutional placement (QIP) route, by issuing upto 9 crore equity shares of face value Rs 10 each with a premium to be decided as per the applicable guidelines/regulations for an aggregate amount not exceeding Rs 3500 crore inclusive of such premium.
Canara Bank's net profit fell 27.1% to Rs 260.18 crore on 1.6% decline in total income to Rs 11994.64 crore in Q2 September 2017 over Q2 September 2016.
The Government of India held 66.3% stake in Canara Bank as per the shareholding pattern as on 30 September 2017.
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