Bank of Maharashtra gained 3.44% to Rs 15.94 after the public sector bank said it successfully raised Rs 205 crore through private placement of Basel III compliant tier II bonds.
The bank allotted 2050 Basel III compliant unsecured redeemable taxable subordinate tier II bonds. The bonds hold face value of Rs 10 lakh each and carry a coupon rate of 8%. Bonds will mature after 10 years i.e. on 11 February 2031.
The bank's net profit jumped 14.07% to Rs 154 crore on a 3.4% rise in total income to Rs 3,577 crore in Q3 FY21 over Q3 FY20. The bank's total Basel III Capital Adequacy Ratio stood at 13.65% with Common Equity Tier 1 ratio of 10.54% as on 31 December 2020.
Bank of Maharashtra is a major public sector bank in India. The Government of India held 93.33% stake in Bank of Maharashtra as on 31 December 2020.
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