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Canara Bank says to raise up to Rs 850mn through share sale

State-run Canara Bank said on Saturday that it will raise up to Rs 850 million rupees (USD 13.85 million) through selling shares to institutional investors or a preferential issue.

Canara Bank says to raise up to Rs 850mn through share sale

State-run  Canara Bank said on Saturday that it will raise up to Rs 850 million rupees (USD 13.85 million) through selling shares to institutional investors or a preferential issue.

The bank got approval from the government to raise up to 800 million rupees 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.

This month, the bank said it would raise 15 billion rupees through a tier-I perpetual bond issue.

(1 US dollar = 61.3500 rupee)

Canara Bank stock price

On October 17, 2014, Canara Bank closed at Rs 383.55, up Rs 13.10, or 3.54 percent. The 52-week high of the share was Rs 498.00 and the 52-week low was Rs 209.00.


The company’s trailing 12-month (TTM) EPS was at Rs 53.18 per share as per the quarter ended June 2014. The stock’s price-to-earnings (P/E) ratio was 7.21. The latest book value of the company is Rs 642.16 per share. At current value, the price-to-book value of the company is 0.60.

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