Government to infuse Rs 947 crore in Canara Bank

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MoneyThe government will infuse an equity capital of Rs 947 crore in public lender Canara Bank, the bank said.

Board of the bank has approved the proposal of issuing equity shares on 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 ban 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 BSE.

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

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