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 has got approval from the Government
to raise up to Rs 80 crore with an option to raise an additional Rs 5 crore.
"The bank will raise the capital in the
current financial year, and this will be used to fund its general business
needs," Canara Bank said in a statement. This month, the bank said that it would
raise Rs 1,500 crore through a tier-I perpetual bond issue.
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