The board of Canara Bank on 24 June approved a Rs 9,000 crore capital raising plan through a combination of additional tier-1 and tier-2 bonds.

The bank is looking to raise Rs 5,500 crore through Basel III compliant additional tier 1 bonds, subject to market conditions and necessary approvals.

Another Rs 3,500 crore will be raised through tier II bonds in the current financial year.

The timing and extent of fundraising would, however, entirely depend on the market conditions, the bank said in a regulatory filing to stock exchanges.

The bank's capital adequacy ratio stood at 14.9% at the end of March.