Canara Bank gains on raising Rs 2500 crore in Basel III-compliant Tier II bonds
Canara Bank is currently trading at Rs. 195.45, up by 1.55 points or 0.80% from its previous closing of Rs. 193.90 on the BSE.
The scrip opened at Rs. 193.35 and has touched a high and low of Rs. 196.50 and Rs. 186.75 respectively. So far 634537 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 247.60 on 09-Nov-2021 and a 52 week low of Rs. 120.15 on 28-Dec-2020.
Last one week high and low of the scrip stood at Rs. 203.75 and Rs. 188.15 respectively. The current market cap of the company is Rs. 35493.46 crore.
The promoters holding in the company stood at 62.93%, while Institutions and Non-Institutions held 20.24% and 16.83% respectively.
Canara Bank has raised Rs 2,500 crore in Basel III-Compliant Tier II bonds, at a coupon rate of 7.09% per annum. The said Tier II bonds are issued with tenor of 15 years. However, it can be called back by the issuer after ten years or any anniversary date thereafter. The Bank's Tier II bonds are rated AAA by CARE Ratings and India Ratings & Research. This is the first Tier II bond issuance of the Bank for the financial year 2021-22. During Q3 2021 -22, Bank has raised Basel III Compliant Additional Tier I bonds of Rs. 3,000 crore.
Canara Bank is an Indian state-owned bank headquartered in Bangalore, in Karnataka. It was established at Mangalore in 1906, making it one of the oldest banks in the country.
