Canara Bank to raise Rs 5,000 cr via bonds

New Delhi, Feb 24 (PTI) State-owned Canara Bank on Tuesday said it plans to tap the Tier 2 bond market with the launch of a Rs 5,000 crore issue to strengthen its capital base and support future growth plans.

The issue is scheduled for February 26 on the Electronic Bidding Platform of the National Stock Exchange, Canara Bank said in a statement.

Canara Bank is set to raise up to Rs 5,000 crore through Basel III-compliant Tier 2 bonds, it said.

The proposed raise comprises a base issue of Rs 2,000 crore with a green shoe option of up to Rs 3,000 crore, enabling the bank to respond flexibly to robust investor appetite, it said. PTI DP DP BAL BAL BAL