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Canara Bank is planning to raise funds, through a preferential allotment, from the Life Insurance Corporation of India (LIC).
LIC has informed that it is willing to subscribe up to 40 million equity shares, at a price to be determined according to Sebi ICDR regulations, subject to the total exposure not exceeding 15 per cent of post issue capital.
The bank has decided to conduct a general meeting on April 30 for obtaining the consent of the shareholders, it said in a filing to BSE.
