Impressive Victory: State-Owned Canara Bank Triumphantly Raises $300 Mn via IFSC Banking Unit | Company News

On Wednesday, state-owned Canara Bank announced the successful mobilization of $300 million through its IFSC Banking Unit in Gandhinagar. The funds, raised via 5-year bonds with a semi-annual coupon rate of 4.896%, will be directed towards the bank’s general corporate purposes.

Canara Bank’s Managing Director and CEO, K Satyanarayana Raju, expressed delight at the transaction’s success, noting that it allowed for a significant 30 basis points tightening from the initial to the final price guidance. The issuance received strong investor interest from regions including Asia, the Middle East, and Europe, reflecting substantial confidence in Canara Bank’s creditworthiness.

First Published: Sep 04, 2024 | 11:30 PM IST

Original Story https://www.business-standard.com/companies/news/state-owned-canara-bank-mobilises-300-mn-through-ifsc-banking-unit-124090401381_1.html
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