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Canara Bank raises 10B rupees via bond issuance

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Canara Bank raises 10B rupees via bond issuance

Canara Bank on Dec. 13 raised 10 billion Indian rupees via its issuance of Additional Tier 1 bonds.

The Basel III-compliant bonds were priced with a coupon of 8.60% per year, the bank said in a Dec. 14 stock exchange filing.

The offering was the first tranche of the bank's planned issuance of 25 billion rupees worth of Additional Tier 1 bonds to maintain a healthy capital adequacy ratio in the current fiscal year.

As of Dec. 13, US$1 was equivalent to 67.56 Indian rupees.