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India : CANARA BANK to raise Rs 3000 cr via QIP

August 23, 2014

Bangalore-headquartered Canara Bank targets raising INR 3,000 crore through a qualified institutional placement (QIP) issue.

Speaking to reporters on the sidelines of FICCI Banking conclave, RK Dubey, Chairman and Managing Director, Canara Bank stated that the QIP issue might take place any time during next month.

Further, a follow-on public offer (FPO) is expected next fiscal (FY16).

He said, Â I have all the required permissions from the Reserve Bank of India. Once I get the clearance from the Finance Ministry, we will go ahead with the QIP. The FPO will come next fiscal.Â

Dubey added that the bank also seeks a capital infusion of INR 500 crore from the Centre.

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Source: TendersInfo (India)

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