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Canara Bank gains on launching 5 year MTN Bonds to raise $200 million

Canara Bank is currently trading at Rs. 305.20, up by 0.90 points or 0.30% from its previous closing of Rs. 304.30 on the BSE.

The scrip opened at Rs. 302.50 and has touched a high and low of Rs. 307.65 and Rs. 302.50 respectively. So far 31874 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 414.90 on 05-May-2017 and a 52 week low of Rs. 250.17 on 02-Jan-2017.

Last one week high and low of the scrip stood at Rs. 317.30 and Rs. 298.50 respectively. The current market cap of the company is Rs. 18109.84 crore.

The promoters holding in the company stood at 66.30%, while institutions and non-institutions held 27.42% and 6.28% respectively.

Canara Bank has launched a Tap Issuance of 5 year Medium Term Note (MTN) Bonds (issued earlier on August 10, 2017) to the extent of $200 million, through its London branch on October 11, 2017 value October 17, 2017 maturing on August 10, 2022. It is priced at 5 year US Treasury plus 119 bps carrying a coupon of 3.25% fixed payable half yearly.

The Bonds are listed in Singapore Stock Exchange and the funds raised are utilized for deploying in long term assets by the Bank’s foreign branches.

Canara Bank is an Indian state-owned bank headquartered in Bangalore, in Karnataka. It was established at Mangalore in 1906, making it one of the oldest banks in the country.

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