State-run lender Canara Bank has finally raised Rs 600 crore by issuing bonds.   

The bank has informed that it has offered bonds at a coupon rate of 9.10 per cent per annum for first 10 years.

Last week, the lender has said that it would raise Rs 400 crore by issuing non-convertible subordinate perpetual Tier-I bonds with an additional option to raise another Rs 200 crore, if the issue is fully subscribed.    

The main objective of the bond issue is to augment tier I capital for strengthening the capital adequacy and enhancing long term resources of the bank. The bond issue has been rated 'AAA' by Crisil and 'AAA-+' by Brickwork Ratings.

Canara Bank is one of the premier public sector banks in the country. The bank has over 2,500 branches spread over 25 states / 4 union territories of the country and two overseas branches in London and in Hong Kong.