Mumbai, July 10 : Canara Bank said on Friday that its Board had approved raising up to Rs 8000 crore in the current financial year and over half of this would be raised by issuing equity shares.
Declaring the outcome of the Board meeting held on July 10 about Capital Raising Plan for 2020-21, the Bank said its Board had approved raising Equity share capital amounting to Rs 5000 crore through various means.
The equity capital would be raised by way of Qualified Institutional Placement rights issue, employee stock purchase scheme, private placement, preferential allotment or any other approved means, the Bank said in a regulatory filing. However, this would be subject to market conditions and necessary approvals.
The Board has also decided to raise capital through additional tier 1 Basel 111 complaint Bonds to the extent of Rs 3000 crore during FY 2020-21 subject to market conditions and necessary approvals, the Bank said.
Canara Bank settled at RS 104.55 at BSE. It was down by 3.77 per cent from the previous close.
