Bank of Maharashtra raises ₹710 crore via bonds

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The state-owned Bank of Maharashtra (BoM) announced on Wednesday that it has raised 710 crores of bonds to finance the growth of the company.

The fund raised via Additional Tier 1 (AT1) Basel III compliant bonds of 710 crore (including green shoe option of 610 crore) is at a coupon rate of 8.74%, the bank said in a statement.

The issue drew an overwhelming response from investors with a 10x subscription against a base issue size of 100 crores.

The capital raised via the AT1 bonds will support the growth of the bank’s activities.

The AT1 instrument is perpetual in nature; with option to buy after 5 years.

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