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Canara pays back govt Rs 277.9 cr

Mumbai, Nov. 2: Canara Bank returned 48 per cent of its equity capital at par value aggregating Rs 277.87 crore to the government on Friday. The bank's equity capital thus stands reduced to Rs 300 crore from Rs 577.87 crore.

Canara Bank's initial public offering of 11 crore equity shares of Rs 35 per share (face value Rs 10) totalling Rs 385 crore is slated to open on November 18. The IPO would take the bank's equity capital to Rs 410 crore.

Analysts say that the intrinsic value of the share go up substantially as a result of the repayment of equity. This will enable investors to participate in the bank's IPO at a substantial discount of 58 per cent to the net asset value of the share.

Canara bank posted a net profit of Rs 741.40 crore on a business of Rs 97,000 crore. Its non-performing assets at 3.89 per cent of its advances are one of the lowest amongst the public sector banks.

Syndicate Bank rates

Syndicate Bank has hiked the deposit interest rates for 7 to 14 days maturity for bulk deposits of Rs 25 lakh and above from 4 to 4.50 per cent and the highest rate of interest has been pegged at 6.75 per cent for period above three years. The interest rates on deposit for a period of 91 days to 179, above 1 year and up to 3 years and above 3 years have been revised downwards. The revised rates are effective from November 11.

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