Canara Bank to raise Rs 5,000 cr in FY21 to strengthen capital base

The bank will seek shareholders' nod at AGM to be held on August 10 through audio/visual means in view of the coronavirus pandemic

State-run Canara Bank will raise up to Rs 5,000 crore equity capital through various modes in the current fiscal year to boost its capital adequacy ratio in view of expansion plans, and will seek nod from shareholders for the same in its AGM next month.

In view of certain expansion plans of the bank, the implementation of Basel III norms, and consequent capital charge, there is a need to increase the capital to further strengthen the capital adequacy ratio, Canara Bank said in its annul report for 2019-20.

The bank will seek shareholders' nod at the annual general meeting (AGM)