Karur Vysya Bank on Wednesday said it has raised Rs 487 crore through Basel-III compliant bonds to fund its growth plans.

The Capital Raising Committee of the board in its meeting on March 12 allotted 48,700 BASEL-III compliant unsecured, redeemable, non-convertible tier-II bonds in the nature of debenture of Rs 1,00,000 each aggregating to Rs 487 crore, the bank said in a regulatory filing. The capital was raised on private placement basis, it said.

The instrument will be listed on NSE.

Basel III is an international regulatory framework with a set of reforms to improve the regulation, supervision and risk management within the banking sector. To comply with global Basel-III capital regulations, banks need to improve and strengthen their capital planning process.