Canara Bank raises $300 mn via its IFSC Banking Unit

State-owned Canara Bank on Wednesday said it has mobilised USD 300 million via the IFSC Banking Unit.

The net proceeds from the issue of the notes will be applied by the Issuer's IFSC Banking Unit at Gandhinagar towards the general corporate purposes, Canara Bank said in a regulatory filing.

The bonds with maturity of 5 years carry a coupon rate of 4.896 to be paid semi annually, it said.

Commenting on the occasion, Canara Bank MD and CEO K Satyanarayana Raju said, "We are delighted on the successful launch and pricing of this transaction, which enabled us to achieve a 30-bps tightening from the initial price guidance to final price guidance." The issuance was widely subscribed by investors across Asia, Middle East and Europe demonstrating the strong confidence in the Canara Bank's credit, he said.