India's Canara Bank to sell Rs. 4.25 billion of bonds

By Reshmi Basu

New York, Feb. 21 - Bangalore-based Canara Bank said it plans to sell Rs. 4.25 billion of subordinated bonds to beef up its tier II capital.

The bullet bonds will carry a tenor of 110 months and bear a coupon of 8.15%.

The issue will open for subscription on Feb. 23 and close on Feb. 28.

The bonds have been rated LAAA by ICRA and AAA/stable by Crisil.

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