Canara Bank Raises Rs 2,000 Crore From Bonds

State-owned Canara Bank on Wednesday said it has raised Rs 2,000 crore by issuing bonds to fund business growth.

The fund has been raised through non-convertible, taxable, perpetual, subordinated, fully paid up, unsecured Basel III compliant Additional Tier 1 bonds of face value Rs 1 crore each at a coupon of 8.40 per cent, Canara Bank said in a regulatory filing.

Additional Tier I bonds qualify as core capital or equity capital, and it is one of the means of raising capital by banks.