Canara Bank will raise Rs 3000 crore on a private placement basis by issuing Basel-III compliant tier-II bonds, the bank said in a BSE filing. The decision was taken at the bank’s board meeting. The board of directors of the company has permitted the bank to raise capital of Rs 3000 crore through issue of Basel-III compliant tier-II bonds by way of private placement, it said in the BSE filing. The coupon rate on the bonds will be decided by the bond committee of the bank to support the asset growth and maintain comfortable level of CRAR, the bank said.
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