Government to infuse Rs 947 crore in Canara Bank

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.

The Banking & Finance Post is an initiative of Elets Technomedia Pvt Ltd, existing since 2003.
Now, Elets' YouTube channel, a treasure of premier innovation-oriented knowledge-conferences and awards, is also active. To Subscribe Free, Click Here.

Get a chance to meet the Who's who of the NBFCs and Insurance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.