Canara Bank had passed a special resolution by its shareholders at its EGM on April 30 for issue and allotment of 4 crore equity shares to #Life Insurance Corporation of India (LIC).
“…has allotted 4,00,00,000 fully paid-up equity shares on May 12 to Life #Insurance Corporation of India/ schemes of LIC on preferential basis,” it said in a filing to BSE.
On the basis of yesterday’s closing value of the bank’s share at Rs. 349.20, the valuation of four crore shares sold to LIC comes at Rs. 1,396.80 crore.
Canara Bank shares traded 2.59 per cent higher at Rs. 358.25 in post-noon trades on the BSE today.