Canara Bank shares up by 19 pc; mid cap rises by Rs 2,798.9 cr

Its market valuation rose by Rs 2,798.9 crore to Rs 19,883.90 crore on BSE. (Photo: AFP)


Canara Bank shares on Tuesday zoomed nearly 19 per cent after the firm set the floor price for its qualified institutional placement (QIP) to raise up to Rs 2,000 crore.

During the last hour of trading, the banks stock witnessed huge buying and jumped 16.38 per cent to close at Rs 136.80 on BSE. During the day, it rose 19.99 per cent to Rs 141.05.

On NSE, it zoomed 18.87 per cent to settle at Rs 139.55.

Its market valuation rose by Rs 2,798.9 crore to Rs 19,883.90 crore on BSE.

In volume terms, 39.32 lakh shares were traded on BSE and 7.25 crore on NSE.

The lender on Monday said it has set a floor price of Rs 103.50 per share for its qualified institutional placement (QIP) to raise up to Rs 2,000 crore.

The bank had received shareholders’ nod in its annual general meeting, held in August, for raising the funds.

The sub-committee of the board, at its meeting held on December 7, authorised the opening of the QIP issue and approved the floor price of Rs 103.50 per equity share, Canara Bank said in a regulatory filing.

“A meeting of the sub-committee of the board-Capital Planning Process of board of directors of the bank is scheduled to be held on Thursday, December 10, 2020, to consider and determine the issue price for the equity shares as well as the number of shares to be allotted to qualified institutional buyers, pursuant to the QIP,” the bank said.