Canara Bank to raise up to 850 million rupees through share sale

Mumbai: State-run Canara Bank said on Saturday that it will raise up to 850 million rupees ($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.