Canara Bank to Issue Rs 5,000 Crore Infrastructure Bonds on November 24

23 Nov 2023 , 01:46 PM

Canara Bank plans to issue infrastructure bonds worth Rs 5,000 crore on November 24, with a base issue size of Rs 1,000 crore and an oversubscription option of up to Rs 4,000 crore. The bonds, maturing on November 29, 2033, are rated ‘AAA’ by CARE Ratings and India Ratings.

The pay-in date for the bonds is November 29, facilitating the exchange of bonds and money between issuers and investors.

REC Ltd recently raised Rs 2,899.69 crore via 10-year bonds at a 7.71 % coupon. Bonds enable companies to secure significant funds at lower interest rates for investment in growth and other projects, providing greater operational flexibility compared to bank loans.

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