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Canara Bank to issue 48.65B rupees of equity to Indian government

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Canara Bank to issue 48.65B rupees of equity to Indian government

Canara Bank will issue 135,954,616 equity shares on a preferential basis to the Indian government to raise up to 48.65 billion rupees.

The shares will be issued at 357.84 rupees apiece with a face value of 10 rupees each, according to a Feb. 7 statement.

The offering is part of the Indian government's plan to inject 2.11 trillion rupees worth of capital into state-owned banks over a two-year period.

As of Feb. 7, US$1 was equivalent to 64.19 Indian rupees.