Canara Bank to raise funds through QIP mode, preferential allotment during current financial year

Canara Bank has received an approval to raise funds through QIP mode or through preferential allotment during the current financial year. The board has constituted a Committee of Directors to decide on the modalities of the cited two options. The board of directors at its meeting held on April 28, 2014 has approved for the same. In the meeting, the board discussed about the various options of raising capital on account of Basel III guidelines and also to fund the general business needs of the bank. The bank has reported 42.39% fall in its net profit at Rs 409.35 crore for third quarter ended December 31, 2013 as compared to Rs 710.51 crore for the same quarter in the previous year. However, Total income of the bank has increased by 16.45% at Rs 10935.29 crore for quarter under review as compared to Rs 9390.29 crore for the quarter ended December 31, 2012.