Canara Bank to raise Rs. 9,000 Crore by way of Equity and Debt Instruments
Chennai, 28th May 2021: Canara Bank, the leading nationalized bank, in its Board of Directors meeting, held today i.e. 28.05.2021, has approved the Capital Raising Plan of the Bank for the Financial Year 2021-22 amounting up to Rs. 9, 000 Crore by way of Equity and Debt Instruments.
The Board of Directors of the Bank has approved to Raise Equity Share Capital amounting upto Rs. 2500 Crores (inclu ding Premium) by way of Qualified Institutional Placement (QIP) during the Financial Year 2021-22 out of the above Rs. 9000 Crore.
About Canara Bank:
Widely known for customer centricity, Canara Bank was founded by Shri Ammembal Subba Rao Pai, a great visionary and philanthropist, in July 1906, at Mangaluru, then a small port town in 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. The Bank has gone through various phases of its growth trajectory over the hundred years of its existence. The growth of Canara Bank was phenomenal, especially after nationalization in the year 1969, attaining the status of a national level player in terms of geographical reach and clientele segments. In June 2006, the Bank completed a century of operation in the Indian banking industry. The eventful journey of the Bank has been characterized by several memorable milestones. Today, Canara Bank occupies a premier position in the comity of Indian banks.
