Canara Bank, the third-largest Public Sector Bank in the country has successfully raised capital of Rs. 2500 crores
Bengaluru, 25 August 2021: Canara Bank, the third-largest Public Sector Bank in the country has successfully raised capital of Rs. 2500 crores through Qualified Institutional Placement (QIP). The QIP opened on August, 17th 2021 and closed on August, 23rd 2021. The QIP was fully subscribed and saw 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.
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 Mangalore, 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.
