Canara Bank Secures Rs 3,000 Crore via Tier I Bonds

Canara Bank has successfully raised Rs 3,000 crore through Tier I Bonds to support business growth. The bonds, which are non-convertible, taxable, and Basel III compliant, have a 8.27% annual coupon rate. These bonds will be listed on the National Stock Exchange of India.

State-owned Canara Bank announced on Thursday that it has successfully raised Rs 3,000 crore through Tier I Bonds to fuel its business growth.

The bank raised the amount via non-convertible, taxable, perpetual, subordinated, fully paid-up, unsecured Basel III compliant additional Tier I Bonds for the 2024-25 Series I, each with a face value of Rs 1 crore, according to a regulatory filing.

The bonds offer a coupon rate of 8.27% paid annually on August 29, and are proposed to be listed on the National Stock Exchange of India.

(With inputs from agencies.)