Don’t miss the latest developments in business and finance.

Bank of Maharashtra raises Rs 710 cr via Basel III Additional Tier 1 bonds

The issue garnered overwhelming response from investors with subscription of 10 times against base issue size of Rs 100 crore

Bank of Maharashtra CMD Muhnot fired
Bank of Maharashtra
Press Trust of India New Delhi
1 min read Last Updated : Sep 07 2022 | 6:04 PM IST

State-owned Bank of Maharashtra (BoM) on Wednesday said it has raised Rs 710 crore from bonds to fund business growth.

The fund raised via Basel III compliant Additional Tier 1 (AT1) bonds of Rs 710 crore (including green shoe option of Rs 610 crore) is at a coupon rate of 8.74 per cent, the bank said in a statement.

The issue garnered overwhelming response from investors with subscription of 10 times against base issue size of Rs 100 crore.

The capital raised through the AT1 bonds will support the business growth of the bank.

The AT1 instrument is perpetual in nature; with call option after 5 years.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

More From This Section

Topics :Bank of MaharashtraBasel IIIat1 bonds

First Published: Sep 07 2022 | 6:04 PM IST

Next Story