Canara Bank rose 1.21% to Rs 242.25 at 9:36 IST on BSE after the bank said that it plans to raise Rs 1000 crore from bonds.
The bank made the announcement after market hours on Thursday, 20 March 2014.
Meanwhile, the BSE Sensex was up 66.66 points, or 0.31%, to 21,806.75.
On BSE, so far 21,000 shares were traded in the counter, compared with an average volume of 2.53 lakh shares in the past one quarter.
The stock hit a high of Rs 243 and a low of Rs 241 so far during the day. The stock hit a 52-week high of Rs 456.50 on 20 May 2013. The stock hit a 52-week low of Rs 189.90 on 28 August 2013.
The stock had outperformed the market over the past one month till 20 March 2014, rising 12.85% compared with the Sensex's 5.86% rise. The scrip had, however, underperformed the market in past one quarter, falling 9.61% as against Sensex's 3.13% rise.
The large-cap company has an equity capital of Rs 461.26 crore. Face value per share is Rs 10.
Canara Bank announced that as per the powers delegated by the board of the bank, the bond committee has decided to raise additional capital of Rs 1000 crore through issue of Basel-III complaint Tier-II bonds (Series-II).
The bank has received reaffirmation of rating "AAA/Stable" (pronounced 'CRISIL Triple A rating with Stable Outlook') from CRISIL and confirmation of rating '[ICRA] AAA (hyb)' (Pronounced ICRA Triple A Hybrid with Stable Outlook) from ICRA for the proposed issue of the bonds, Canara Bank said.
Canara Bank's net profit fell 42.4% to Rs 409.35 crore on 16.5% rise in total income to Rs 10935.29 crore in Q3 December 2013 over Q3 December 2012.
The Government of India (GoI) holds 69% stake in Canara Bank (as per the shareholding pattern as on 31 December 2013).
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