Canara Bank climbs on getting nod for capital raising plan for FY25
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Canara Bank is currently trading at Rs. 117.85, up by 2.80 points or 2.43% from its previous closing of Rs. 115.05 on the BSE.
The scrip opened at Rs. 116.65 and has touched a high and low of Rs. 119.30 and Rs. 114.40 respectively. So far 3743584 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 126.53 on 03-May-2024 and a 52 week low of Rs. 58.29 on 26-Jun-2023.
Last one week high and low of the scrip stood at Rs. 119.30 and Rs. 114.40 respectively. The current market cap of the company is Rs. 106806.92 crore.
The promoters holding in the company stood at 62.93%, while Institutions and Non-Institutions held 24.95% and 12.11% respectively.
Canara Bank’s board has approved the Capital Raising Plan of the bank for the financial year 2024-25 amounting up to Rs 8500 crore by way of Debt Instruments (Additional Tier I / Tier II Bonds).
Of which, the bank will raise Capital through Basel III Compliant Additional Tier I Bonds to the extent of Rs 4000 crore during the FY 2024-25 subject to market conditions and necessary approvals. The bank will also raise Capital through Basel III Compliant Tier II Bonds to the extent of Rs 4500 crore during the FY 2024-25 subject to market conditions and necessary approvals. The Board of Directors of the bank in its meeting held on May 31, 2024 has approved the same.
Canara Bank is an Indian state-owned bank headquartered in Bangalore, in Karnataka. It was established at Mangalore in 1906, making it one of the oldest banks in the country.
