Karur Vysya Bank raises Rs 487 cr

New Delhi: Karur Vysya Bank Wednesday said it has raised Rs 487 crore through Basel III compliant bonds to fund its growth plans.

The Capital Raising Committee of the board in its meeting on March 12 allotted 48,700 BASEL III compliant unsecured, redeemable, non-convertible tier II bonds in the nature of debenture of Rs 1,00,000 each aggregating to Rs 487 crore, the bank said in a regulatory filing.

The capital was raised on private placement basis, it said.

The instrument will be listed on NSE.

Basel III is an international regulatory framework with a set of reforms to improve the regulation, supervision and risk management within the banking sector.

To comply with global Basel-III capital regulations, banks need to improve and strengthen their capital planning process.