Canara Bank to raise up to Rs 8,000 cr via equities, bonds

Source :IANS
Author :IANS
Last Updated: Sat, Jul 11th, 2020, 08:55:42hrs
Canara Bank

Mumbai: Canara Bank on Friday said that its Board of Directors has approved raising of up to Rs 5,000 crore of equity share capital and up to Rs 3,000 crore through bonds during the financial year 2020-21.

The board has given its green signal for raising equity share capital through any of the options among qualified institutional placements (QIP), rights issue, employee stock purchase scheme (ESPS), private placement, preferential allotment or any other approved means subject to market conditions and necessary approvals.

It also approved "to raise capital through additional tier-I Basel-III compliant bonds to the extent of Rs 3,000 crore during the FY 2020-21 subject to market conditions and necessary approvals", the bank said in a regulatory filing.

Several banks, both private and public, are looking at raising funds of late.

The State Bank of India (SBI) earlier in the day said that its Central Board will meet on July 15 to consider raising funds through bonds. On Wednesday, the board of ICICI Bank approved a proposal to raise Rs 15,000 crore through fresh equity.