Canara Bank approves Rs. 947 crores preferential issue

The Board of Directors of Canara Bank at its meeting held on August 31, 2015, had 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. 947 Crore (Rupees Nine Hundred and Forty Seven Crore only).

The Managing Director & CEO, as per the authority delegated by the Board, has approved the proposal to conduct the Extraordinary General Meeting of the Bank on September 29, 2015 for obtaining the consent of the shareholders to make preferential allotment of equity shares of the Bank to the Government of India (GOI).

Accordingly, in terms of SEBI-ICDR Regulations, August 28, 2015 is the Relevant Date for the purpose of determination of Pricing of Equity Shares at which the shares can be offered to the Government of India on Preferential Allotment.

Shares of CANARA BANK was last trading in BSE at Rs.285.85 as compared to the previous close of Rs. 280.5. The total number of shares traded during the day was 304526 in over 4417 trades.

The stock hit an intraday high of Rs. 290 and intraday low of 277.6. The net turnover during the day was Rs. 86698736.

Source : Equity Bulls

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