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Bank of Maharashtra has raised ₹515 crore via Basel III Compliant Tier-2 Bonds on private placement basis at coupon rate of 7.98 per cent.
The bonds are redeemable after 120 months from the deemed date of allotment.
The public sector bank, in a regulatory filing, said it can exercise call option on the bonds after five years from date of allotment and on every anniversary thereafter with prior approval of RBI
BoM received total bids of ₹760 crore for the Basel III Compliant Tier-2 Bonds issue.
Further, the bank has accepted bid of ₹515 crore (including base issue of ₹250 crore and green shoe option retained upto ₹265 crore) at coupon rate of 7.98 per cent, per the filing.
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