State-owned Canara Bank successfully raised $300 million through its IFSC Banking Unit, the bank announced on Wednesday. According to a regulatory filing, the funds, sourced via the Gandhinagar-based unit, will be utilized for general corporate purposes.
The bonds, which have a maturity of five years, offer a coupon rate of 4.896%, with semi-annual payments. Canara Bank‘s MD and CEO, K. Satyanarayana Raju, expressed satisfaction with the transaction, stating, “We are delighted with the successful launch and pricing, which allowed us to achieve a 30-basis point tightening from the initial to final price guidance.”
Investors from Asia, the Middle East, and Europe well-received the issuance, demonstrating confidence in the bank’s creditworthiness.
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The bank’s shares have a one-year beta of 1.5, indicating high volatility. Its relative strength index (RSI) stands at 43, signalling that the stock is neither overbought nor oversold.
