Ways2Capital Reviews : Canara Bank To Raise Up To Rs7,000cr In FY19

Canara Bank will raise up to Rs7,000cr through various means, including rights issue and qualified institutional placement (QIPs), private placement, preferential allotment, any other approved means during financial year 2018-19 subject to market conditions and necessary approvals. This is positive news for the bank and the stock is expected to trade with positive bias today. The fund raising would aid in improvement in its capital adequacy ratio, which in turn would partly fund its future loan growth. Canara Bank’s lower slippages expectation over coming years compared to FY18, better NIM prospects and rising non-interest income bodes well for its profitability over FY18-20E. The bank is trading at ~1.7x FY20E P/ABV. 

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About Bhoomi Desai