Canara Bank to issue Basel-III Tier-II bonds to raise up to Rs2,000 crore

24 Aug 2022 , 09:02 AM

Market participants reported that Canara Bank intends to issue Rs2,000 crore, of which Rs1,000 crore will come from Basel-III Tier-II bonds with a 10-year maturity. On August 25, between 11 a.m. and 12 p.m., the BSE’s bidding platform will be open for the bonds’ auction.

As credit demand increased in recent weeks, the majority of banks raised money through certificates of deposit, fixed deposits, and bonds. Even after the Reserve Bank of India (RBI) recently raised the repo rate by 50 basis points, the rates on these instruments continued to rise.