Canara Bank to raise $500mn for its overseas branches

State-owned Canara Bank on Friday said its board has permitted raising up to $500 million as a part of its $2-billion medium-term note programme, for funding its overseas branches. This would be done by issuing senior unsecured foreign currency bonds in international markets. The board has also approved raising up to ₹1,128 crore via a rights issue to existing shareholders.