Canara Bank Raises Rs 2,500 Crore By Issuing Basel-III Compliant Bonds

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Canara Bank Raises Rs 2,500 Crore By Issuing Bonds

Shares of Canara Bank settled 3.27 per cent lower at Rs 193.90 apiece on the BSE.

Canara Bank announced that it has raised Rs 2,500 crore by issuing Basel-III compliant bonds to a total of 10 allottees. The bank successfully raised Basel-III compliant tier-II series I bonds, according to a regulatory filing by the bank to the stock exchanges.

“Our bank came out with the issuance of Rs 2,500 crore of tier-II bonds on December 12, 2021. The bank received a total bid amount of Rs 9,374 crore, out of which full issuance of Rs 2,500 crore was accepted at a coupon rate of 7.09 per cent per annum,” the state-run lender said in its statement.

The issue opened on December 23, 2021, and closed on the same day. The bonds were allotted to a total of 10 allottees on December 24, 2021.

To comply with Basel-III capital regulations, banks globally need to improve and strengthen their capital planning processes. These norms are being implemented to mitigate concerns on the potential stresses on asset quality and consequential impact over the performance and profitability of banks.

On Friday, December 24, shares of Canara Bank settled 3.27 per cent lower at Rs 193.90 apiece on the BSE.

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