Canara Bank to issue Rs. 1500 crore through Issuance of Tier - II Bonds (Series - I)

As per the powers delegated by the Board of Canara Bank, the Bond Committee, during the course of its meeting held on December 16, 2013, decided to raise additional capital of Rs. 1500 Crore through issue of BASEL-III complaint Tier-II Bonds (Series-I).

The Bank received ratings of "AAA / Stable" (pronounced 'CRISIL Triple A rating with Stable Outlook') from CRISIL Limited & '[ICRA] AAA (hyb)' (Pronounced ICRA Triple A Hybrid with Stable Outlook) from ICRA Limited for the proposed issue of the said Bonds.

Accordingly, the Bank is taking the necessary steps in this regard.

Shares of Canara Bank was last trading in BSE at Rs.251.45, down by Rs.0.45 or 0.18%. The stock hit an intraday high of Rs.254.85 and low of Rs.247.20.

The total traded quantity was 2.25 lakhs as compared to 2 week average of 2.80 lakhs.

Source : Equity Bulls

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