New Delhi: State-owned Canara Bank on Tuesday said it plans to raise Rs 2,400 crore through bonds to fund business growth. It has received 'IND AAA' rating with stable outlook to the proposed Tier-II bond issuance programme, the public sector lender said in a statement.
Its board has permitted the bank to raise additional capital of Rs 2,400 crore through issue of Basel-III compliant Tier-II Bonds by way of private placement, it said. The coupon rate is to be decided by the bond committee of the bank, it said.
The fund raised is intended to support the asset growth during 2015-16 and also to maintain healthy level of Capital to Risk Weighted Assets Ratio (CRAR), the statement added.
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