Canara Bank has successfully raised Rs 3,000 crore under BASEL-III Compliant Tier-II Bonds with a coupon of 8.40% per annum.
The bond committee of the bank had decided to raise Basel III Compliant Tier -II Bonds amounting to Rs 1,000 crore with an option to retain oversubscription, at the sole discretion of the bank for an amount up to Rs 2,000 crore on Private Placement basis. The issue was opened on April 18, 2016 and closed on April 27, 2016.
Canara Bank is an Indian state-owned bank headquartered in Bangalore, in Karnataka. It was established at Mangalore in 1906, making it one of the oldest banks in the country.