Canara Bank plans to raise Rs 500 crore through QIP

Canara Bank is planning to raise Rs 500 crore via qualified institutional placement (QIP) route or through preferential allotment during the current financial year. Earlier, bank had successfully raised Rs 1,000 crore under BASEL-III Complaint Tier-II Bonds (Series-II).

Canara Bank has reported 42.39% fall in its net profit at Rs 409.35 crore for third quarter ended December 31, 2013 as compared to Rs 710.51 crore for the same quarter in the previous year. However, Total income of the bank has increased by 16.45% at Rs 10935.29 crore for quarter under review as compared to Rs 9390.29 crore for the quarter ended December 31, 2012.