Canara Bank, has given approval to the proposal of raising Rs.4,865 crore through preferential issue to Government of India (GOI).

The company in its board meeting held on February 6, has decided to raise capital via issue of equity shares in favor of Government of India, on preferential allotment basis amounting to Rs.4,865 crore.

The board will hold an extraordinary general meeting of the bank to receive the approval of shareholders for issue of equity shares on preferential basis to GOI.

Further, the meeting of the company is scheduled to be held on February 8, to consider raising of additional capital of/ up to Rs.1000 crore by way of QIP/ rights issue/ preferential allotment/ FPO/ ESPS/ any other mode approved by RBI/ GOI/ SEBI.

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