Canara Bank’s board has approved the capital raising plan for the year 2021-22 amounting up to Rs 9,000 crore by way of equity and debt instruments. Under this capital raise approval, the bank will raise equity capital amounting up to Rs 2,500 crore by way of qualified institutional placement (QIP) during the current fiscal. Capital up to Rs 4,000 crore is to be raised by issuing additional tier I Basel III compliant bonds, and the rest of Rs 2,400 crore is to be raised by issuing additional tier II Basel III compliant bonds.The board of directors of the bank in its meeting held on May 28, 2021 approved the same.
Canara Bank is an Indian state-owned bank headquartered in Bangalore, in Karnataka. It was established at Mangalore in 1906, making it one of the oldest banks in the country.
