Canara Bank raised Rs 2,000 crore by issuing bonds to fund business growth. The bonds are non-convertible, taxable, and perpetual.
New Delhi, Feb 14 (PTI) 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.
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