Bank of Maharashtra raises Rs 880 cr through bonds

New Delhi: State-owned Bank of Maharashtra (BoM) on Thursday said that it has raised Rs 880 crore through Basel III-compliant Additional Tier 1 (AT1) bonds. "The issue, including green shoe option of Rs 680 crore, was subscribed more than four times against base size of Rs 200 crore," the bank said in a statement.

"The fund raised through the AT1 bonds will support the business growth of the bank," it added.

"The AT1 instrument with a coupon rate of 8.74 percent is perpetual in nature," it said.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)