Tuesday, 1 September 2015

Govt to pump Rs. 947 cr into Canara Bank

The Board of Directors of Canara Bank at a meeting held on Monday approved the proposal of issuing equity shares on a preferential basis to the Government in lieu of the capital infusion.


Canara Bank
Canara Bank on Monday said that the Government will infuse an equity capital of Rs. 947 crore in the state-run bank. 

The Board of Directors of Canara Bank at a meeting held on Monday approved the proposal of issuing equity shares on a preferential basis to the Government in lieu of the capital infusion.

“Based on the letter received from the Government on infusion of capital funds, the Board of the bank, at its meeting held on 31st August 2015, has considered and approved the proposal regarding raising of capital amounting to Rs.947 crore by way of preferential allotment of equity shares in favour of the government,” the bank said in a filing to the stock exchanges.

Earlier this month, the Government had decided to infuse a total of Rs. 20,088 crore in 13 public sector banks, including SBI, Punjab National Bank, IDBI Bank, Bank of Baroda, Canara Bank, Indian Overseas Bank and Union Bank of India

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