 "Canara Bank to raise up to Rs 85 cr via preferential issue of shares")
State-run Canara Bank said on Saturday that it will raise up to Rs 85 crore ($13.85 million) through selling shares to institutional investors or a preferential issue.
The bank got approval from the government to raise up to Rs 80 crore with an option to raise an additional 50 million rupees.
The bank will raise the capital in the current financial year, and will be used to fund its general business needs, Canara Bank said in a statement.
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This month, the bank said it would raise Rs 1,500 crore through a tier-I perpetual bond issue.
Reuters
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