Canara Bank board approves fundraising plan for Rs 9000 cr for FY22


At the meeting held on May 28, 2021

The Board of Directors of Canara Bank, at its meeting held on May 28, 2021, approved a capital raising plan for the year 2021-22 amounting to Rs 9,000 crore through equity instruments and of debt. The details of the fundraising plan are as follows:

1. Increase the share capital by an amount of up to Rs 2,500 crore (including the premium) through a qualified institutional placement (QIP) during the financial year (AF) 2021-22, subject to market conditions and necessary approvals.

2. To raise capital through Basel III Compliant Level I Bonds to the tune of Rs 4000 crore during FY 2021-22, subject to market conditions and necessary approvals.

3. Raise capital through additional Basel III Level II Compliant Bonds in the amount of Rs 2,500 crore during FY 2021-22, subject to market conditions and necessary approvals.

Powered by Capital Market – Live News

(This story was not edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear reader,

Business Standard has always strived to provide up-to-date information and commentary on developments that matter to you and have broader political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these difficult times resulting from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative views and cutting-edge commentary on relevant current issues.
However, we have a demand.

As we fight the economic impact of the pandemic, we need your support even more so that we can continue to provide you with more quality content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscriptions to our online content can only help us achieve the goals of providing you with even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital editor

First published: Fri 28 May 2021. 14:21 IST


Source link

Previous Peninsula Energy Ltd Suspends Trading With Pending Capital Raise News
Next AirAsia X gets green light for capital raising exercise