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Canara Bank to raise Rs 2,000 crore through QIP

India based public sector bank, Canara Bank has announced its plan to raise Rs 2,000 crore through Qualified Institutional Placement (QIP).

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In a filing with the stock exchange, Canara Bank said, “The bank board’s in a meeting held on Friday decided to raise additional equity share capital amounting up to Rs 2,000 crore through Qualified Institutional Placement (QIP), route in one or more tranches with a premium to be decided as per applicable to the guidelines.”

“The QIP issue shall be within the overall maximum limit of the board approved capital raising plan (FY 2020-21) of Rs 5,000 crore equity share capital (including premium), and is subject to the market conditions and necessary approvals,” the statement said.