Canara Bank Greenlights Rs 8,500 Crore Bond Raise for 2024-25 Growth

State-owned Canara Bank has received board approval to raise Rs 8,500 crore through bonds to fund business growth for the fiscal year 2024-25. The bank will issue Basel III Compliant Additional Tier I Bonds worth Rs 4,000 crore and Tier II Bonds worth Rs 4,500 crore, subject to market conditions and necessary approvals.

State-owned Canara Bank on Friday said the board of the bank has given approval for raising Rs 8,500 crore through bonds to fund business growth in 2024-25.

The decision in this respect was taken in a meeting held on Friday.

The board of the bank has approved raising Capital through Basel III Compliant Additional Tier I Bonds to the extent of Rs 4,000 crore subject to market conditions and necessary approvals, Canara Bank said in a regulatory filing.

Besides, it approved raising funds through Basel III Compliant Tier II Bonds to the extent of Rs 4,500 crore, it said.