Canara Bank has raised Rs 500 crore by allotting 1,82,58,837 equity shares on preferential basis to the Government of India, the public sector lender’s principal shareholder. With this preferential allotment, the centre’s shareholding has risen from 67.72% to 69%. The bank will use the funds to strengthen its capital base and fund its general business activities.
The shares had a face value of Rs 10 each with a premium of Rs 273.84 per share, determined in accordance with the Securities and Exchange Board of India’s Issue of Capital Disclosure Requirements norms.
Canara Bank is India’s fifth largest Public Sector bank (PSB) in terms of assets. As on September 30, 2013, it had assets of around Rs 450,200 crore and advances of around Rs 281100 crore. The bank’s strong market position is underpinned by its market share of around 5.0 percent in deposits and 4.8 percent in advances as on September 30, 2013.
The shares had a face value of Rs 10 each with a premium of Rs 273.84 per share, determined in accordance with the Securities and Exchange Board of India’s Issue of Capital Disclosure Requirements norms.
Canara Bank is India’s fifth largest Public Sector bank (PSB) in terms of assets. As on September 30, 2013, it had assets of around Rs 450,200 crore and advances of around Rs 281100 crore. The bank’s strong market position is underpinned by its market share of around 5.0 percent in deposits and 4.8 percent in advances as on September 30, 2013.
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