Canara Bank share price rises 4% on capital-raising plan

The share touched its 52-week high of Rs 234.30 on November 29, 2019, and 52-week low of Rs 73.85 on March 24, 2020, respectively.

Canara Bank share price rose nearly 4 percent intraday on September 25 after the board approved a capital-raising plan.

The company has decided to raise additional equity share capital amounting up to Rs 2,000 crore through Qualified Institutional Placement (QIP) route in one or more tranches with a premium to be decided as per applicable the guidelines.

The QIP issue shall be within the overall maximum limit of the board- approved capital raising plan (FY 2020-21) of Rs 5,000 crore equity share capital (including premium) and is subject to market conditions and necessary approvals.

The share touched its 52-week high of Rs 234.30 on November 29, 2019, and 52-week low of Rs 73.85 on March 24, 2020, respectively.

It is trading 62.89 percent below its 52-week high and 17.74 percent above its 52-week low.

At 1451 hours, Canara Bank was quoting at Rs 86.95, up Rs 3.70, or 4.44 percent on the BSE.

Source- Moneycontrol.com

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