Canara Bank has received an approval to raise Equity Share Capital amounting up to Rs 5000 crore (including premium) by way of Qualified Institutional Placements (QIP)/Rights Issue/ESPS/Private Placement/ Preferential Allotment/any other approved means during the Financial Year (FY) 2020-21 subject to market conditions and necessary approvals. The bank has also received an approval to raise capital through additional Tier I Basel III Compliant Bonds to the extent of Rs 3000 Crore during the FY 2020-21 subject to market conditions and necessary approvals.
The Board of Directors of the bank at its meeting held on July 10, 2020, has approved 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.
