Canara Bank raises Rs 1,500 crore under BASEL-III Complaint Tier-II Bonds

Canara Bank has successfully raised Rs 1,500 crore under BASEL-III Complaint Tier-II Bonds. The said issue had opened on December 30, 2013 and closed on January 03, 2014. Last year in December, the bank had informed that it was coming out with the issuance of Tier-II Bonds (Series-I) for Rs 1,500 crore in order to augment capital resources.

Canara Bank is India’s fifth largest Public Sector bank (PSB) in terms of assets. As on September 30, 2013, it had assets of around Rs 450,200 crore and advances of around Rs 281100 crore. The bank’s strong market position is underpinned by its market share of around 5.0 percent in deposits and 4.8 percent in advances as on September 30, 2013.