Canara Bank: eyes on rights issue

The Board of Directors of Canara Bank will meet on Friday to consider fund-raising plans through a rights issue. It seeks to raise funds from the Government of India to strengthen its capital adequacy ratio. Earlier, the bank had receivd shareholders’ approval to raise ₹2,000 crore through the allotment of shares/preference shares by way of follow-on offer, rights issue and/or private placement. Analysts will focus on the price and entitlement ratio of the rights issue.