Bank of Maharashtra surged 9.57% to Rs 22.90 after the bank said it has successfully raised Rs 100 crore through private placement of Basel III compliant Tier II bonds.
The bank raised Rs 100 crore through allotment of 1,000, 8% Basel III compliant unsecured redeemable taxable subordinate Tier II bonds of face value Rs 10 lakh each. The bonds were allotted on 23 March 2021 and will mature after 10 years, i.e., 23 March 2031.
The bonds will be listed on the wholesale debt market segment of BSE. The announcement was made after market hours yesterday, 23 March 2021.
The bank's net profit jumped 13.90% to Rs 154.07 crore on a 3.4% rise in total income to Rs 3,577 crore in Q3 FY21 over Q3 FY20.
Bank of Maharashtra is a public sector bank in India. The Government of India held 93.33% stake in Bank of Maharashtra as on 31 December 2020.
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