Canara Bank surges 7% as Rs 2,000 crore QIP opens for subscription

The board has approved the floor price for the QIP at Rs 103.50 per equity share.

Shares of Canara Bank gained 7 per cent to Rs 126 on the BSE in the early morning trade on Tuesday on the back of heavy volumes after the bank’s qualified institutional placement (QIP) opened for subscription.

The subcommittee of the board – capital planning process of the Bank has, at its meeting held on December 7, has approved and authorised the opening of the QIP, from December 7, 2020. It has also approved the floor price for the QIP at Rs 103.50 per equity share.

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