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Canara Bank to raise Rs600 cr via bond issue

Canara Bank to raise Rs600 cr via bond issue
PTI
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First Published: Mon, Aug 17 2009. 05 02 PM IST
Updated: Mon, Aug 17 2009. 05 02 PM IST
Mumbai: State-run lender Canara Bank would raise upto Rs600 crore by issuing bonds to strengthen capital adequacy and enhance its long-term resources.
The bank would raise Rs400 crore by issuing non-convertible subordinate perpetual Tier-I bonds (Series-II) with an additional option to raise another Rs200 crore, if the issue is fully subscribed, Canara Bank said on Monday in a filing to the Bombay Stock Exchange (BSE).
The bonds are with a coupon rate of 9.10% per annum for the first 10 years and the issue would open on 18 August and would close on 21 August 2009, the filing added.
Shares of Canara Bank were trading at Rs260.40 in afternoon trade on the BSE, down 4.19% from the previous close.
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First Published: Mon, Aug 17 2009. 05 02 PM IST