Canara Bank’s ₹1,500-cr bond issue

Canara Bank has decided to raise an additional ₹1,500 crore through Tier I bonds. In a notice to the BSE on Monday, the bank said it plans to raise the amount through the issue of Basel-III complaint additional Tier-I perpetual bonds by way of private placement. The bank received ‘IND AA’ rating from India Ratings & Research and ‘AA Hybrid with Stable Outlook’ from ICRA for the proposed issue. Canara Bank shares ended 2.63 per cent higher at ₹454.75 on the BSE on Monday. The bank will announce its third quarter results on Wednesday.