Canara Bank to raise Rs. 85 cr via share sale

Canara Bank said on Saturday that it will raise up to Rs. 85 crore ($13.85 million) through selling shares to institutional investors or a preferential issue.

The bank has got approval from the Government to raise up to Rs. 80 crore with an option to raise an additional Rs. 5 crore.

The bank will raise the capital in the current financial year, and this will be used to fund its general business needs, Canara Bank said in a statement.

This month, the bank said that it would raise Rs. 1,500 crore through a tier-I perpetual bond issue.