Bank of Maharashtra plans to raise capital up to Rs 600 crore

Bank of Maharashtra, a major public sector bank in India, informed today that they are planning to raise capital through the issuance of bonds on a private placement basis.

In a regulatory filing, the bank on Tuesday stated that it has proposed to raise capital up to Rs 600 crore by issuing Basel III-compliant unsecured and redeemable non-convertible tier-II bonds.

It further added that tier II bonds would be of a base issue of Rs 200 crore with green shoe option of Rs 400 crore, aggregating to a total of Rs 600 crore on private placement basis.

Bank of Maharashtra has the largest network of branches, in comparison to other public sector banks in Maharashtra. Government of India (GoI) holds around 87.74 per cent shares of this bank.

At the time of market closing, the stock of Bank of Maharashtra was trading at Rs 10.74, up by 1.32 per cent against its previous close of Rs 10.60. Its 52-week high is Rs 20.00 and its 52-week low is Rs 8.67 on BSE.