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Canara Bank to raise Rs 500 cr via bonds

Our Bureau

Mumbai , Sept. 23

CANARA Bank's Tier-II fixed coupon bond issue, to raise Rs 500 crore, opened on Friday. The interest rate is 7.4 per cent with a tenor of 115 months.

The bank is raising the capital to shore up its capital adequacy ratio (CAR) in line with Basel II norms, said a senior official from the bank.

The bank's current CAR is 12.51 per cent.

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