Canara Bank to raise Rs 3000 crore through issue of bonds

Canara Bank is planning to raise capital of Rs 3000 crore through issue of Basel III compliant Tier II Bonds by way of Private placement of a coupon rate as decided by the bond committee of the bank to support the asset growth and maintain comfortable level of CRAR. The board of bank has permitted for the same.

The Bank has received the rating of IND AAA / Outlook Stable for the proposed issue of the bonds from India Ratings & Research (A Fitch Group).

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.