News

Canara Bank raises $1.3 billion The bank has received a record $1.3 billion worth of subscription against the offering of $250 million for raising Tier-II capital. The issue, priced at par, has a coupon rate of 1.29% over the London Inter-bank Offered Rate (LIBOR). the tenure of the bond issue is 15 years. the bank can exercise a call option at the end of tenth year. After this issue bank will have Capital Adequacy Ratio of over 13%. Dena Bank scheme to double investment Dena bank has launched a new scheme, Dena Double Deposit Scheme, which gives an opportunity to the investor to double their investment in a maturity period of eight years nine months. The scheme will remain operational from Monday till March 31, 2007. The bank provides 8% interest per annum to the general public and 8.55% to senior citizens.