Canara Bank's shares are up today after the company announced that it had raised $300 million through the IFSC Banking Unit. The issuer's IFSC Banking Unit in Gandhinagar will use the net proceeds from the note issuance for general company purposes.
On Wednesday, Canara Bank shares closed 2.47% down at Rs 108.60, compared to the previous closing of Rs 111.35. The lender's market capitalization decreased to Rs 98,507 crore on BSE.
A total of 9.58 lakh shares of the business changed hands, resulting in a turnover of Rs 10.39 crore.
Canara Bank's shares have a one-year beta of 1.5, suggesting extremely high volatility throughout the time. In technical jargon, Canara Bank's relative strength index (RSI) is 43, indicating that it is neither overbought nor overtrading.
The bonds have a 5-year maturity and a coupon rate of 4.896, with payments made semi-annually, according to the statement.
Canara Bank's MD and CEO, K Satyanarayana Raju, stated, "We are delighted with the successful launch and pricing of this transaction, which enabled us to achieve a 30-bps tightening from the initial to final price guidance."
"The issuance was widely subscribed by investors from Asia, the Middle East, and Europe, demonstrating strong confidence in Canara Bank's credit," he stated.
