Canara Bank raises Rs2,000 crore through bonds

20 Jul 2022 , 08:34 AM

Canara Bank announced on Tuesday that it had raised Rs2,000 crore this month by issuing extra tier I bonds that complied with Basel III.
On July 15, 2022, the bank announced the issuing of Rs2,000 crore in new tier-I bonds.

Canara Bank stated in a regulatory filing that it got a total bid amount of Rs5,719 crore, of which the complete issuance of Rs2,000 crore was accepted at 8.24%.

The state-owned lender claimed that on July 19, 2022, it distributed 2,000 bonds to 21 recipients.

The annual coupon rate for the non-convertible, perpetual, taxable, subordinated, fully paid-up secured additional tier I bonds is 8.24%. The Basel-III capital standards require banks all around the world to develop and improve their capital planning procedures.

On the BSE, Canara Bank shares ended the day 4.03% higher at Rs223.15 per share.