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State-owned Canara Bank on Wednesday said it has proposed to raise ₹1,500 crore through bonds, to fund business growth. The bank plans to raise the fund through Basel-III compliant additional tier I (AT-1) bonds, Canara Bank said in a regulatory filing.
It further said the bank has floated bids for appointment of merchant bankers or arrangers for the fund-raising. Under Basel-III norms, AT-1 bonds come with loss absorbency features, meaning that in case of stress, banks can write off such investments or convert them into common equity if approved by the Reserve Bank of India.
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