Canara Bank raises capital of Rs 2500 crores through QIP

Canara Bank

Public Sector Bank, Canara Bank has successfully raised capital of Rs 2500 crores through Qualified Institutional Placement (QIP). The QIP opened on August 17, 2021 and closed on August 23, 2021.

The QIP was fully subscribed and reported a strong response from foreign as well as from domestic Qualified Institutional Buyers (QIBs), highlighting a well-diversified representation and demand from across the world.

The last issuance was in December 2020 which was also fully subscribed. This capital will enable the bank to improve the CET ratio and in turn, will support further asset growth.

Also Read: Banking services likely to disrupt on March 16-17 due to Bank Strike: Canara Bank

Canara Bank was founded by philanthropist Ammembal Subba Rao Pai, in July 1906, at Mangalore, Karnataka. Canara Bank is the fourth-largest public sector bank in the country after its amalgamation with Syndicate Bank in April 2020.

At present, it is functioning with 10,491 Branches, 3075 Rural, 3175 Semi-Urban, 2103 Urban & 2138 Metro along with 12973 ATMs throughout.

 

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