Bank of Maharashtra has recently raised ₹200.70 crores via private placement Basel III compliant tier-II bonds. Total 2007 bonds were allotted with the face value of Rs 10 lakh each The coupon offered on the bond was 7.75% and the maturity date of the bonds is December 13, 2030.
The lender said that the bank has successfully raised ₹200.70 crore, which is part of the lender’s ₹1,000 crores tier-II bond program in a filing to exchanges. Also said that the bonds will be listed on the Wholesale Debt Market segment of the BSE Limited. The lender gets 60 percent of its business from Maharashtra. The business size of ₹2.62 lakh crore includes deposits of ₹1.58 lakh crore, while advances crossed ₹1 lakh crore as of September 30, 2020.
The domestic rating agency assigned an AA- rating to Bank of Maharashtra’s ₹1,000 crores of Basel III compliant additional tier I bonds with a stable outlook. As of September 20, Government holds a 93.3 percent share of the bank, and the bank has already received 2000 crore from the government as a capital infusion during the past few years.
