Canara Bank's Tier-II bond issue to open on December 30

Each bond has a face value of Rs 10 lakh each and carries fixed coupon rate of 9.73%

Canara Bank's proposed Tier-II bonds issue Series 1 is opening on December 30, 2013 and closes on January 3, 2014.

The Bank is looking at raising Rs 1,500 crore by issuing unsecured, non-convertible, redeemable Basel-III compliant bonds through private placement to augment its Tier-II capital.

Each bond has a face value of Rs 10 lakh each and carries a fixed coupon rate of 9.73%. These bonds will be listed on the wholesale debt market segment of National Stock Exchange of India, the Bank informed NSE today.

The Bank's capital adequacy ratio under Basel-III stood at 10.62% as on September 30, 2013.