Canara Bank fixes price for Preferential Issue of Equity Shares to LIC

Canara Bank had earlier announced that the Managing Director & CEO, as per the authority delegated by the Board, has approved to conduct the Extraordinary General Meeting of the Bank on April 30, 2015 for obtaining the consent of the shareholders to make preferential allotment of 4,00,00,000 equity shares of the Bank to M/s Life Insurance Corporation of India (LIC).

In this connection, the relevant date is March 31, 2015 - (in terms of SEBI-ICDR Regulations) and the Bank has fixed a minimum Issue Price at Rs. 380.08 calculated in accordance with the Regulation 76 (1) of SEBI-ICDR Regulations for the proposed issue of equity shares to Life Insurance Corporation of India by way of Preferential Allotment.

Shares of CANARA BANK was last trading in BSE at Rs.384.8 as compared to the previous close of Rs. 379.75. The total number of shares traded during the day was 287446 in over 7921 trades.

The stock hit an intraday high of Rs. 388 and intraday low of 375.75. The net turnover during the day was Rs. 110348273.

Source : Equity Bulls

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