Canara Bank had passed a special resolution by shareholder 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 Tuesday's closing value of 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 percent higher at Rs 358.25 on BSE post noon trades on BSE on Wednesday.

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