Canara Bank on Friday (10 July) said its board approved raising equity share capital upto Rs 5,000 crore in FY21.
The equity capital raise will be by way of qualified institutional placements (QIP), rights issue/employee stock purchase scheme (ESPS)/private placement/preferential allotment or any other approved means during the Financial Year (FY) 2020-21, subject to market conditions and necessary approvals.Further, the public sector bank's board also approved raising capital through Additional Tier I Basel III compliant bonds to the extent of Rs 3,000 crore during FY21.
Shares of Canara Bank fell 3.77% to close at Rs 104.55 on BSE in Friday's session (10 July).
Canara Bank reported net loss of Rs 3,259.33 crore in Q4 March 2020 as against net loss of Rs 551.53 crore in Q4 March 2019. Total income rose 1.6% to Rs 14,222.39 crore in Q4 March 2020 over Rs 14,000.43 crore in Q4 March 2019.
Provisions and contingencies slipped 2.68% to Rs 5,375.38 crore in Q4 March 2020 over Rs 5,523.50 crore in Q4 March 2019. The provision coverage ratio of the bank was at 75.86% as on 31 March 2020.
Canara Bank is a state-owned commercial bank with headquarters in Bangalore. The Government of India held 78.52% stake in the bank as of 31 March 2020.
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