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Canara Bank launches Tier II bond issue

CHENNAI: Canara Bank has announced the launch of Tier II subordinated bonds. The bank intends to raise an aggregate amount of Rs. 300 crore with an option to retain over subscription for Rs. 125 crore by way of private placement. The unsecured redeemable non-convertible subordinated bonds, with a tenor of 110 months, will have a face value of Rs. 10 lakh. The coupon rate is 8.15 per cent subject to deduction of tax as applicable.

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