State-owned Canara Bank will raise Rs 80 crore during the current financial year through QIP mode.
"Upon taking the matter with the RBI and Ministry of Finance... Has received the approval of the government for raising of equity capital of Rs 80 crore with additional share premium, with a green shoe option of Rs 5 crore through Qualified Institutional Placement (QIP)," Canara Bank said in a filing to the BSE.
For raising the capital, the bank had obtained the consent of its shareholders in July, by way of a special resolution to raise equity capital through QIP mode.
The bank said the capital raised would be used to fund general business needs.
Canara Bank shares had closed 3.54 per cent higher at Rs 383.55 per scrip on the BSE yesterday.
