On Tuesday, Canara Bank has said that it will raise a capital of up to 3500 crores through qualified institutions placement (QIP). The decision was taken after the board meeting held yesterday.

"The board of bank at its meeting held on December 26, 2017 has decided to raise additional equity share capital amounting up to Rs 90 crore through qualified institutional placement (QIP) route, by issuing up to 9 crore equity shares of a face value of Rs 10 each with a premium to be decided as per the applicable guidelines/regulations for an aggregate amount not exceeding Rs 3,500 crore inclusive of such premium," it said in a regulatory filing, reported PTI.

Its stock closed at Rs 374.60 a piece on the BSE yesterday, i.e., 1.26 percent higher.