Canara Bank gains on raising Rs 1,635 cr through tier-I bonds

Canara Bank rose 1.40% to Rs 130.75 after the bank issued and allotted Basel III compliant additional tier-I bonds amounting to Rs 1,635 crore.

The PSU bank allotted 16,350 units of 8.50%, non-convertible, perpetual, taxable, subordinated, fully-paid up, unsecured basel III compliant additional tier-I bonds series III worth Rs 1,635 crore. The announcement was made after market hours yesterday, 31 December 2020.

The PSU lender reported 14.9% jump in net profit to Rs 465.88 crore on 46.2% rise in total income to Rs 22,681.05 crore in Q2 September 2020 over Q2 September 2019.

Canara Bank is a state-owned commercial bank. The Government of India held 69.33% stake in the bank as of 30 September 2020.

 

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