Canara Bank shares jump 6% on plans to raise Rs 2,000 crore via QIP

Canara Bank shares jump 6% on plans to raise Rs 2,000 crore via QIP

Canara Bank's share price jumped over 6 percent intraday on December 8 after the bank 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 stock was trading at Rs 125.20, up to Rs 7.65, or 6.51 percent at 09:55 hours. It has touched an intraday high of Rs 126.40 and an intraday low of Rs 117.65.

The bank had received shareholders' nod in its annual general meeting, held in August, for raising up to Rs 2,000 crore by way of QIP.

The sub-committee of the board — Capital Planning Process of the bank, at its meeting held on December 7, authorized 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.