Canara Bank to Issue Tier II (Subordinated Debt) Bonds for Rs.400 crore

Canara Bank has announced that the Bank is coming out with an issue of redeemable, unsecured, non convertible bonds (Tier II) in the form of promissory notes to augment capital resources. Details are furnished as under:

Issue Amount (Rs in Crores) - 400.00

Tenor - 120 months

Coupon rate (annual) - 9.90% p.a.

Rating - AAA / Stable by CRISIL & LAAA by ICRA

Listing - At NSE

Nature of Bonds - Promissory Notes

Put / Call Option - None

Pay in date - March 26, 2007

Date of Allotment - March 28, 2007

Maturity Date - March 28, 2017

Interest on application money - @ 9.90% from the date of realization of Cheque upto the date of allotment.

Registrar - Canbank Computer Services Ltd, Bangalore

Trustees - Vijaya Bank, Bangalore.

Source : Equity Bulls

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