Canara Bank gets board approval to raise Rs 3000 crore

Through issue of Basel III compliant Tier II bonds

Canara Bank announced that the Board of the Bank has permitted the bank to raise capital of Rs 3000 crore through issue of Basel III compliant Tier II Bonds by way of Private placement of a coupon rate as decided by the bond committee of the bank to support the asset growth and maintain comfortable level of CRAR.

The Bank has received the ratings of IND AAA / Outlook Stable for the proposed issue of the bonds from India Ratings & Research (A Fitch Group).

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