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KR Srivats
Canara Bank aims to complete capital raising of ₹7,000 crore this fiscal itself, according to its Chairman, TN Manoharan.
“We certainly need more capital to fund business growth. We have already got approvals for raising up to ₹7,000 crore. It will be done through multiple instruments this fiscal itself,” Manoharan told BusinesLine . He was in the Capital for the launch of Candi (digital banking branch).
It may be recalled that Canara Bank’s board had, in June this year, given its nod for raising equity share capital up to ₹7,000 crore (including premium) by way of qualified institutional placement/ rights issue/ ESPS during 2018-19, subject to market conditions.
Manoharan, who has been the Non-Executive Chairman at Canara Bank since August 14, 2015, said the bank will also offer employee stock options/share purchase schemes under this capital-raising plan.
Before Manoharan became Chairman, Canara Bank had a three-tier structure – head office, 47 circles and 5,600 branches.
During his tenure, Canara Bank has transformed into a four-tier structure – head office, 21 circles, 118 regional offices and 6,200 branches.
In the first quarter this fiscal, Canara Bank recorded a net profit of ₹281 crore, up 11.5 per cent on a year-on-year basis.
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