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).

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.