Canara Bank raises Rs 1000 crore in Basel III-compliant Additional Tier I, Series III Bonds 2021-22
Press Release
Bengaluru, 04
March 2022: Canara Bank has raised Rs 1000 crore in
Basel III-Compliant Additional Tier I, Series III bonds, at a coupon rate of 8.07%
per annum.
The issue received
overwhelming response from investors, with bids for more than Rs 3,133 crore
against a base issue size of Rs 250 crore and green shoe option of Rs. 750
crore. Based on the response, the Bank has decided to accept
Rs 1,000 crore at a coupon rate of 8.07% per annum.
The said Tier I bonds
are perpetual in nature. However, it can be called back by the issuer after fifth
anniversary from the deemed date of allotment or any anniversary date thereafter.
The Bank’s Additional
Tier I bonds are rated AA+ by CRISIL Ratings and India Ratings & Research
Ltd.
This is the third
series of Additional Tier I bond issuance of the Bank for the financial year
2021-22. During FY 2021 -22, Bank has raised
Basel III Compliant
Additional Tier I bonds of
Rs. 4,000 crore and Tier II bonds of Rs. 2,500 crore.
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