Public lender Canara Bank plans to raise up to Rs 3,000 crore from bonds to augment capital base and fund growth.
The bank is coming out with the issuance of bonds to augment capital resources, Canara Bank said in a statement.
The bank proposes to issue “Basel III compliant Tier II bonds of Rs 1,000 crore with an option to retain over-subscription, at the sole discretion of the bank for an amount of up to Rs 2,000 crore on private placement basis,” it said.
The bonds would be open for subscription on April 18 and close on April 27.
The coupon rate would be 8.40 per cent per annum, it added.