Canara Bank is all set to raise Rs 5,000 crore through issue of Basel III-compliant Tier 2 bonds. The proposed raise comprises a base issue of Rs 2,000 crore with a green shoe option of up to Rs 3,000 crore. The issue is scheduled for February 26 on the Electronic Bidding Platform of the National Stock Exchange (NSE). The funds are being raised to strengthen the bank’s capital base and support future growth plans.
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.
