Canara Bank shares zoom nearly 8 pc

Canara Bank shares zoom nearly 8 pc

GANDHINGER, WNS:  Shares of Canara Bank on Tuesday gained nearly 8 per cent after the firm set the floor price for its qualified institutional placement (QIP) to raise up to Rs 2,000 crore.



The stock jumped 7.52 per cent to Rs 126.40 at the BSE.

On the NSE, it zoomed 7.70 per cent to Rs 126.45.

The lender on Monday said it has set a floor price of Rs 103.50 per share for its qualified institutional placement (QIP) to raise up to Rs 2,000 crore.

The bank had received shareholders' nod in its annual general meeting, held in August, for raising the funds.

The sub-committee of the board, at its meeting held on December 7, authorised the opening of the QIP issue and approved the floor price of Rs 103.50 per equity share, Canara Bank said in a regulatory filing.

"A meeting of the sub-committee of the board-Capital Planning Process of board of directors of the bank is scheduled to be held on Thursday, December 10, 2020, to consider and determine the issue price for the equity shares as well as the number of shares to be allotted to qualified institutional buyers, pursuant to the QIP," the bank said.

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