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Canara Bank to raise 
500-600 Crore through debt route
By siliconindia
|
Tuesday, 20 July 2010, 22:31 IST
Bangalore: Canara Bank is likely to raise 
500-600 crore over the next few weeks through the debt route. In addition, the bank has got shareholder approval through various options, including a preferential allotment or qualified institutional placement (QIP) to raise up to Rs 2,590 crore.
Against 4.06 lakh crore registered in FY10, the bank has projected its total business (advances and deposits) to rise to 5 lakh crore. According to KL Jagadish Pai, Executive Director of Canara Bank, although the bank has Union government's holding of over 73 percent, the bank is in rush to dilute equity as it would then have to service a higher equity base. The bank has over 3,000 crore in net profits, said Pai.
The bank posted a net profit of 1,013 crore in the first quarter ended June 30, 2010, against 555 crore in the same period in FY10.
On Monday on BSE, the bank's share scrip closed up 3.97 percent at 497.7 on the back of robust Q1 results. It touched a 52-week high of 514.6.
500-600 crore over the next few weeks through the debt route. In addition, the bank has got shareholder approval through various options, including a preferential allotment or qualified institutional placement (QIP) to raise up to Rs 2,590 crore.
Against 4.06 lakh crore registered in FY10, the bank has projected its total business (advances and deposits) to rise to 5 lakh crore. According to KL Jagadish Pai, Executive Director of Canara Bank, although the bank has Union government's holding of over 73 percent, the bank is in rush to dilute equity as it would then have to service a higher equity base. The bank has over 3,000 crore in net profits, said Pai.
The bank posted a net profit of 1,013 crore in the first quarter ended June 30, 2010, against 555 crore in the same period in FY10.
On Monday on BSE, the bank's share scrip closed up 3.97 percent at 497.7 on the back of robust Q1 results. It touched a 52-week high of 514.6.