Canara Bank Raises Rs 3,000 Crore Through Tier I Bonds

Canara Bank raised Rs 3,000 crore on Thursday through Tier I Bonds to fund business growth. The bonds carry a coupon rate of 8.27%, paid annually on Aug. 29 every year.

"The bank has raised Rs 3,000 crore non-convertible, taxable, perpetual, subordinated, fully paid up, unsecured Basel III compliant additional Tier 1 Bonds 2024-25 Series I of face value Rs 1 crore," it said in a regulatory filing.

The bank expressed plans to list these bonds on the National Stock Exchange.

Shares of Canara Bank closed 0.06% higher at Rs 110.30 apiece on the NSE, compared to a 0.40% advance in the benchmark Nifty.

(With Inputs From PTI)