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Canara Bank to raise Rs 6,300 cr via securities

Press Trust of India  |  New Delhi 

Public sector lender will raise Rs 6,300 crore through various routes, including QIP, rights issue or follow on public offer.

The said the board of directors at the meeting held today approved the proposal to raise equity capital up to Rs 3,500 crore, inclusive of premium to be decided, by way of qualified institutional placement/rights issue/preferential allotment/follow-on public offer.

The may raise fund by any other means as well, it said in a regulatory filing.

Additionally, will also raise Rs 1,800 crore by issuing Basel III compliant additional Tier I bonds, it said.

The board has also approved the plan to issue Basel III compliant Tier II bonds up to Rs 1,000 crore.

"The bank would seek the approval of the shareholders for raising of equity capital in the ensuing AGM of the bank," it said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, June 15 2017. 21:28 IST