Bank of Maharashtra rallied 4.41% to Rs 30.75 after the state-run lender said that it has raised Rs 880 crore through allotment of basel III compliant additional tier 1 (AT1) bonds to 9 allottees upon receipt of application money.
The bank said that these bonds will be listed on the wholesale debt market segment of the BSE.
On 22 December 2022, the public sector bank said it had received total bids of Rs 990 crore for its issue of AT1 bonds on private placement basis. Further, the bank has accepted bid of Rs 880 crore (including base issue of Rs 200 crore and green shoe option retained upto Rs 680 crore) at coupon rate of 8.74%.
The state-run bank's net profit surged 102.93% to Rs 535 crore in Q2 FY23 as against Rs 264 crore posted in Q2 FY22. Total income rose 7% year on year (YoY) to Rs 4,317 crore in Q2 FY23 over Q2 FY22.
Bank of Maharashtra is a public sector bank in India. The Government of India held 90.97% stake in the bank as of 30 September 2022.
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