Canara Bank has successfully raised Rs 2,000 crore equity capital by issuing over 19 crore shares to eligible investors. LIC emerged as the largest investor in the bank's qualified institutional placement (QIP) issue. The subcommittee of the board at its meeting held December 11, 2020, approved allotment of 19,32,36,714 equity shares to eligible qualified institutional buyers (QIBs) at an issue price of Rs 103.50 per equity share, aggregating up to Rs 2,000 crore.
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.