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On Tuesday, the state owned Canara Bank said that it is planning to raise Rs 2,400 crore from bonds to fund business growth.
Canara Bank said in a statement that it has received ‘IND AAA’ rating with stable outlook to the proposed Tier II bond issuance programme.
It further said that board has given the approval to the bank to raise additional capital of Rs 2,400 crore through issue of Basel-III compliant Tier II Bonds by way of private placement.
The bond committee of the bank would be deciding the coupon rate.
