Canara Bank jumped 4.2% to Rs 86.75 after the bank said its board approved raising upto Rs 2000 crore through qualified institutional placement (QIP) route.
As a part of QIP, the bank will issue equity shares of face value of Rs 10 each in one or more tranches. The QIP issue will be within the overall maximum limit of board-approved capital raising plan of Rs 5000 crore for FY2020-21, the bank said in a statement.Canara Bank is a state-owned commercial bank. The Government of India held 78.55% stake in the bank as of 30 June 2020.
The bank's net profit rose 23.5% to Rs 406.24 crore on a 47% rise in total income to Rs 20,685.91 crore in Q1 June 2020 over Q1 June 2019.
The stock is up 17.47% from its 52-week low of Rs 73.85 posted on 24 March 2020. The counter has fallen 68% from its 52-week high of Rs 234.3 registered on 29 November 2019.
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