Canara Bank board to meet next week to consider Rs 9,000-cr capital infusion

Public sector lender Canara Bank on Wednesday said its board will meet next week to consider capital infusion of up to Rs 9,000 crore through issuance of preferential equity shares to the government of India

Press Trust of India September 04, 2019 13:51:48 IST
Canara Bank board to meet next week to consider Rs 9,000-cr capital infusion
  • Canara Bank board will also consider amalgamation of Syndicate Bank with it

  • Meeting of board of directors of the Canara Bank is scheduled to be held on 13 September, 2019

  • Last week, the government unveiled a mega plan to merge 10 public sector banks into four with a view to creating fewer and stronger global-sized lenders with robust balance sheets that can be used to boost credit and spur growth

New Delhi: Public sector lender Canara Bank on Wednesday said its board will meet next week to consider capital infusion of up to Rs 9,000 crore through issuance of preferential equity shares to the government of India.

The board will also consider amalgamation of Syndicate Bank with it.

Canara Bank board to meet next week to consider Rs 9000cr capital infusion

Representational image. Reuters

"...Meeting of board of directors of the bank is scheduled to be held on 13 September, 2019, to consider the amalgamation of Syndicate Bank into Canara Bank and to consider capital infusion up to Rs 9,000 crore by government of India by way of preferential issue of equity shares subject to necessary approvals," Canara Bank said in a regulatory filing.

Last week, the government unveiled a mega plan to merge 10 public sector banks into four with a view to creating fewer and stronger global-sized lenders with robust balance sheets that can be used to boost credit and spur growth.

As per the announcement, Syndicate Bank will merge with Canara Bank, while Andhra Bank and Corporation Bank would subsume into Union Bank of India, and Allahabad Bank will be amalgamated with Indian Bank. Oriental Bank of Commerce and United Bank will merge with Punjab National Bank to create the nation's second-largest lender behind State Bank of India.

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Google removes finance-based mobile applications from Play store after RBI red flag
News & Analysis

Google removes finance-based mobile applications from Play store after RBI red flag

Google says removing the apps reduces the risk of being exposed to deceptive financial products and services.

CBI books four of its personnel for taking bribe from bank fraud accused, conducts searches at 14 locations
India

CBI books four of its personnel for taking bribe from bank fraud accused, conducts searches at 14 locations

The CBI booked deputy superintendents of police RK Rishi and RK Sangwan, Inspector Kapil Dhankad, and Steno Samir Kumar Singh. It also searched the premises of Rishi, who is posted at the CBI Academy, Ghaziabad

BlackSoil Capital Pvt Ltd raises Rs 32 crore through non-convertible debentures
Business

BlackSoil Capital Pvt Ltd raises Rs 32 crore through non-convertible debentures

The company said 70 percent of the funds were raised from existing investors and that the funds will be deployed in mid- and growth-stage entities across sectors in the startup ecosystem.