Canara Bank will hold its Extraordinary General Meeting (EGM) on December 30, 2013 to approve raising of capital.
A decision to this effect was taken at the board of directors at its meeting held recently.
The board has approved raising of capital by way of preferential allotment of shares in favour of Government of India amounting to Rs 500 crore and has delegated the authority to the Chairman and Managing Director of the bank to take a suitable decision.
It has also approved to fix the relevant date as November 29, 2013 for the purpose of determination of pricing of equity shares at which the shares can be offered to the Government on preferential allotment.