Bank will raise Rs 5500 crore Basel III Compliant Additional tier 1 bonds, while the target of raising through tier 2 bonds has been fixed at Rs 3500 crore.
ET had highlighted on May 6 that the bank would seek board’s nod for raising capital of Rs 9,000 crore.
The bank said in a regulatory filing that the timing and extent of fundraising would depend entirely on market conditions. stock exchanges,
“Our existing capital is sufficient to support 10% credit growth this fiscal,” Canara Managing Director LV Prabhakar Said last month.
The lender has set its overall credit growth target at 8% while it has envisaged a 10% retail loan expansion. its loan book It grew by 9.77% to Rs 7.41 lakh crore in the last fiscal.
The bank’s capital adequacy ratio stood at 14.9% at the end of March.