Canara Bank has received an approval to raise Rs 6,300 crore through various routes, including qualified institutional placement (QIP), rights issue or follow on public offer. The board of directors at its meeting held on June 15, 2017 approved for the same.
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.