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Canara Bank to raise up to Rs 7,000 cr in FY19

Faizan Javed
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Canara Bank to raise about Rs 1,000 cr through employee stock purchase scheme

"The board has decided to raise equity share capital up to Rs 60 crore ( i e up to 6 crore equity shares), through Canara Bank Employee Share Purchase Scheme (Can Bank-ESPS) amounting to a maximum of Rs 1,000 crore," the bank said in a regulatory filing.

State-owned Canara Bank today said it will raise up to Rs 7,000 crore through various means, including rights issue and qualified institutional placement (QIPs).

"...the Board of the bank...has decided to raise equity share capital amounting up to Rs 7,000 crore (including premium) by way of QIP/rights issue/ESPS/ private placement/ preferential allotment/any other approved means during financial year 2018-19 subject to market conditions and necessary approvals," the bank said in a BSE filing.