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Canara Bank to raise 35B rupees in share sale

India-based Canara Bank is seeking to raise up to 35 billion rupees through a qualified institutional placement, or QIP.

The issue size may vary based on various factors including management discretion and shareholders' decision, the bank said in a Dec. 8 tender notice.

The bank has asked merchant bankers to submit bids for acting as book running lead managers of the proposed share sale.

As of Dec. 8, US$1 was equivalent to 64.45 Indian rupees.