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State-owned Canara Bank today said it plans to raise Rs 2,400 crore from bonds to fund business growth.
It has received ‘IND AAA’ rating with stable outlook to the proposed Tier II bond issuance programme, Canara Bank said in a statement.
The board has permitted the bank to raise additional capital of Rs 2,400 crore through issuance of Basel-III compliant Tier II bonds by way of private placement, it said.
The coupon rate will 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 a healthy level of Capital to Risk Weighted Assets Ratio (CRAR), the statement added.
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