Canara Bank gets board approval to raise Rs 7,500 crore via debt instruments

30 Jun 2023 , 09:42 AM

Canara Bank received board approval on Wednesday, June 28, to raise up to Rs 7,500 crore through debt instruments in the current fiscal year (FY24).

‘The Board of Directors of the bank approved the Capital Raising Plan of the bank for the year 2023-24 amounting up to Rs 7500 crore by way of Debt Instruments (Additional Tier I / Tier II Bonds) in its meeting held today,’ said the bank in an exchange filing.

In addition, the board approved raising capital through Basel III Compliant Additional Tier I Bonds worth Rs 3,500 crore and Basel III Compliant Additional Tier II Bonds worth Rs 4,000 crore during the fiscal year 2023-24, subject to market conditions and necessary approvals.

At around 9.38 AM, Canara Bank was trading 1.92% higher at Rs 302.30, against the previous close of Rs 296.60 on NSE. The counter touched an intraday high and low of Rs 302.75 and Rs 297.50, respectively.

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