New Delhi, February 24 State-owned Canara Bank announced on Tuesday that it plans to tap the Tier 2 bond market by launching a ₹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 aims to raise up to ₹5,000 crore through Basel III-compliant Tier 2 bonds, it said.
The proposed fundraising includes a base issue of ₹2,000 crore with a green shoe option of up to ₹3,000 crore, allowing the bank to flexibly respond to strong investor demand, it said.
