Canara Bank’ is all set to open its Rs 1,124 crore rights issue. The issue will open on March 2 and close on March 16. The Bank will use the issue proceeds to fund business growth.
The Bank will issue over 5,42,99,105 equity shares of face value of Rs 10 each for cash at Rs 207 per scrip (including a premium) for an aggregate amount of up to Rs 1,123.99 crore to the existing investors.
Canara Bank is an Indian state-owned bank headquartered in Bangalore, in Karnataka. It was established at Mangalore in 1906, making it one of the oldest banks in the country.