Canara Bank announced Monday that Government of India will infuse funds to the tune of Rs 9.47 billion in the bank by way of preferential allotment of equity shares.

The Board of the Bank have considered and approved the proposal regarding raising of capital by way of preferential allotment of equity shares in favour of Government of India.

Shares of the company gained Rs 5.35, or 1.91%, to trade at Rs 285.85. The total volume of shares traded was 304,516 at the BSE (3.51 p.m., Monday).

Total volume of shares traded on the bourses today was higher by 300.70% to 3,950,529 compared with 22-day average volume of 985,914.