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State-owned Canara Bank on Thursday said it proposes to raise ₹ 6,000 crore by issuing shares on private placement basis.
The board approved proposal to raise equity share capital amounting up to ₹ 250 crore through Qualified Institutional Placement (QIP) route, by issuing up to 25 crore equity shares of face value ₹ 10 each, with a premium to be decided as per the applicable guidelines for an aggregate amount not exceeding ₹ 6,000 crore inclusive of such premium, Canara Bank said in a filing to stock exchanges.
“The said QIP issue shall be within the overall maximum limit of Board approved capital raising plan (FY 2018-19) of ₹ 7,000 crore and is subject to market conditions and necessary approvals,” it said.
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