Canara Bank set to raise up to Rs 3K cr by issuing Basel III-compliant bonds
The decision was taken at the bank's board meeting held on Wednesday, it said in a regulatory filing.
Canara Bank said it can raise the funds in single or multiple tranches, depending on market conditions.
Banks across the globe have to mandate themselves with the Basel III standards that seek to protect them against unfavourable economic conditions by improving and strengthening their capital planning processes.
The norms are being implemented to mitigate concerns on potential stresses on asset quality and consequential impact on performance and profitability of banks.
Stocks of Canara Bank closed 2.04 per cent higher at Rs 274.55 apiece on the BSE.
(With inputs from agencies.)