Canara Bank fixes minimum issue price of Rs. 408.95 for preferential allotment

The Board of Directors of Canara Bank had earlier considered and approved the proposal regarding raising of Capital by way of Preferential Allotment of Equity Shares in favour of Government of India amounting to Rs. 570 Crore (Rupees Five Hundred and Seventy Crore only). Further, the Managing Director & CEO, as per the authority delegated by the Board, has approved to conduct the Extraordinary General Meeting of the Bank on March 27, 2015.

The Relevant Date is February 25, 2015 - (in terms of SEBI-ICDR Regulations) and tThe Bank has fixed a minimum Issue Price at Rs. 408.95 calculated in accordance with the Regulation 76 (1) of SEBI-ICDR Regulations for the proposed issue of equity shares to Government of India by way of Preferential Allotment.

Based on the Issue Price of Rs. 408.95, number of shares to be issued and allotted to Government of India works out to 1,39,38,134 (One Crore Thirty Nine Lacs Thirty Eight Thousand One Hundred and Thirty Four only).

Shares of CANARA BANK was last trading in BSE at Rs.393.6 as compared to the previous close of Rs. 401.9. The total number of shares traded during the day was 139757 in over 5113 trades.

The stock hit an intraday high of Rs. 402.7 and intraday low of 392.15. The net turnover during the day was Rs. 55508323.

Source : Equity Bulls

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