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Bank of Maharashtra to raise up to Rs 1,000 crore via tier-I bonds

New Delhi: Public sector lender Bank of Maharashtra will raise up to Rs 1,000 crore by issuing Basel III-compliant Tier-I bonds.The tier-I bonds to be issued by the bank comes with a green shoe option

PTI [ Updated: December 12, 2014 16:48 IST ]
bank of maharashtra to raise up to rs 1 000 crore via tier
bank of maharashtra to raise up to rs 1 000 crore via tier i bonds

New Delhi: Public sector lender Bank of Maharashtra will raise up to Rs 1,000 crore by issuing Basel III-compliant Tier-I bonds.

The tier-I bonds to be issued by the bank comes with a green shoe option of Rs 500 crore.

"The bank is proposing to issue AT1 Basel-III compliant Bonds of Rs 500 crore with green shoe option of Rs 500 crore," the bank said in a regulatory filing to the BSE.

Also, the bank said it is calling for quotes (bids) from merchant bankers/arrangers for the said issue.

Earlier in September this year, bank's chairman and managing director S Muhnot had said that it would raise about Rs 500-1,000 crore by issuing Basel-III compliant tier-I bonds this financial year.

"We will look at raising Basel III-compliant additional Tier-1 capital instead of taking up further equity right now. We may raise around Rs 500 crore to Rs 1,000 crore during this financial year," Muhnot had said.

Bank of Maharashtra scrips traded at Rs 42.30 per share on the BSE on Friday, down 1.74 per cent from the previous close.

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