Bank of Maharashtra raises Rs 348 cr via pvt placement of compliant tier II bonds

New Delhi: Bank of Maharashtra (MAHABANK) raised capital of Rs 348 crores through private placement of BASEL III, Compliant Tier II Bonds, notified the bank in a mandatory filing on Wednesday. The regulatory filing also stated that the bonds will be listed on the Wholesale Debt Market segment of the BSE Limited.

Describing the nature of the bonds, the regulatory filing said that the bonds are "eight percent unsecured, non-convertible, taxable, fully paid up, BASEL III, Compliant Tier II bonds." Further, the face value of each bond is Rs 1 crore, it stated.

The bank also stated that only 348 bonds have been allotted to 11 allottees on Wednesday while the bond issuance began on December 6 and closed on the same date. It specified the maturity date as December 7, 2032.

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