To fund business growth state-owned Bank of Maharashtra (BoM) on Tuesday said it plans to raise Rs 1,500 crore through bonds.
BoM said in a regulatory filing, the lender intends to raise the funds through private placement of Basel-III compliant tier II bonds.
The issue size is Rs 250 crore with a green shoe option of Rs 1,250 crore, it added. 10 years is going to be the bonds tenure.
The bond auction date is September 14, while allotment to bidders would be made on September 18, the filing said.
On Wednesday at 11.20 a.m., shares were trading 1.2% down at Rs. 40.60 on NSE.
Bank of Maharashtra the bank divides its operations into four segments: retail banking, corporate/wholesale banking, Treasury, and other financial activities. It offers various credit facilities, including term loans, overdrafts, letters of credit, guarantees, and others.
