Millennium Post

Canara Bank to raise Rs 1,500 cr through bonds

State-owned Canara Bank on Friday said that it plans to raise Rs 1,500 crore from bonds to augment its capital base.

The bank has decided to raise additional capital of Rs 1,500 crore through the issue of Basel-III complaint Tier-II bonds, Canara Bank said in a filing to the Bombay Stock Exchange (BSE).

This capital raising would be over and above Rs 500 crore that the government has decided to infuse in the bank before March 2014.

In order to take shareholders approval for issuance of preference shares to the government, the bank will hold an Extraordinary General Meeting on 30 December.
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