Canara Bank Board Approves ₹8,500 Crore Capital Raising Plan For FY 2024-25

Canara Bank on Friday, May 31 through an exchange filing that the Board of Directors has approved a Capital Raising Plan worth up to Rs 8,500 Crore for the financial year 2024-25.

The company through the regulatory filing announced that the money will be raised through debt instruments, specifically Additional Tier I and Tier II Bonds.

"This is to inform the Stock Exchanges that the Board of Directors of the bank in its meeting held today on 31.05.2024 has approved the Capital Raising Plan of the bank for the financial year 2024-25 amounting up to Rs 8500 Crore by way of Debt Instruments (Additional Tier I / Tier II Bonds)," the company added in the exchange filings.

Here’s a breakdown of the plan

Additional Tier I Bonds: The company plans to raise Rs 4,000 crore through Basel III Compliant Additional Tier I Bonds during the FY 2024-25 subject to market conditions and necessary approvals.

Tier II Bonds: The bank also aims to raise Rs 4,500 Crore through Basel III Compliant Tier II Bonds during the FY 2024-25 subject to market conditions and necessary approvals.

Shares performance

The shares of Canara Bank on Friday at 3:30 pm IST closed at Rs 118.00, up by 2.56 per cent.