Canara Bank Secures USD 300 Million via IFSC Banking Unit

Canara Bank has raised USD 300 million through its IFSC Banking Unit. The raised funds will be used for general corporate purposes. The 5-year bonds come with a 4.896% semi-annual coupon rate. The successful transaction saw a significant response from investors in Asia, the Middle East, and Europe.

State-owned Canara Bank announced on Wednesday that it has raised USD 300 million through its International Financial Services Centre (IFSC) Banking Unit.

The funds will primarily be allocated towards general corporate purposes, as mentioned in the bank's regulatory filing. The bonds have a maturity period of 5 years and carry a semi-annual coupon rate of 4.896%.

K Satyanarayana Raju, Canara Bank MD and CEO, expressed delight over the successful launch and pricing of the bonds, highlighting that the initial price guidance was tightened by 30 basis points due to strong investor demand across Asia, the Middle East, and Europe.

(With inputs from agencies.)