Canara Bank to raise Rs 3,000 cr by issuing tier-II bonds

State-run Canara Bank today said it will raise Rs 3,000 crore on a private placement basis by issuing Basel-III compliant tier-II bonds.
The decision was taken at the bank's Board meeting held today.
The Board of Directors of the company... Permitted the bank to raise capital of Rs 3,000 crore through issue of Basel-III compliant tier-II bonds by way of private placement", it said in a 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, it added.
Canara Bank shares today closed 1.5 per cent higher at Rs 192.95 apiece on BSE.