Canara Bank board meeting on Friday to consider capital raise for this fiscal

Canara Bank | File photo

State-run Canara Bank on Monday said it is looking to raise capital through a mix of equity and debt instruments in the current fiscal and a meeting of the board of directors will take place on May 28.

However, the bank has not mentioned how much amount it plans to raise during 2021-22.

"The board meeting of the bank is scheduled to be held on May 28, 2021 at the head office, Bengaluru, to consider and approve the capital raising plan of the bank for FY 2021-22," Canara Bank said in a regulatory filing.

The lender said the capital is slated to be raised through qualified institutional placement (QIP), follow-on public offer, rights issue, preferential issue or any other means or a combination. It may also include the issue of Basel III bonds or other such securities.

Canara Bank stock traded at Rs 155.70 apiece on the BSE, up 1.96 per cent from previous close.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel