Canara Bank to raise up to Rs 12,000 cr in FY20

New Delhi: State-owned Canara Bank Tuesday said it proposes to raise up to Rs 12,000 crore through mix of equity and bonds during the current fiscal to fund its business growth.

The board has approved raising up to Rs 6,000 crore including premium by way of Qualified Institutional Placements (QIP) or rights issue or preferential allotment or any other approved means during 2019-20 subject to market conditions and necessary approvals, Canara Bank said in a regulatory filing.

Besides, the board has also cleared proposal to raise funds through additional tier I Basel III compliant perpetual bonds to the extent of Rs 3,000 crore and Basel III compliant tier II bonds to the extent of Rs 3,000 crore during 2019-20, it said.