State-owned Canara Bank on Wednesday, June 28, received its board’s approval to raise up to Rs 7,500 crore through debt instruments in the current financial year (FY24).

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"...the Board of Directors of the bank in its meeting held today has approved the Capital Raising Plan of the bank for the financial year 2023-24 amounting up to Rs 7500 crore by way of Debt Instruments (Additional Tier I / Tier II Bonds)," the bank said in an exchange filing.

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Further, the board approved raising capital through Basel III Compliant Additional Tier I Bonds to the extent of Rs 3,500 crore and Basel III Compliant Additional Tier II Bonds to the extent of Rs 4000 crore during the FY 2023-24, subject to market conditions and necessary approvals.

Shares of Canara Bank Ltd ended at Rs 296.75, up by Rs 3.20, or 1.09 percent on the BSE.