Bank of Maharashtra to raise Rs 1,000 cr via Tier I Bonds

The capital adequacy ratio is around 11%

Public sector lender Bank of Maharashtra is planning to raise between Rs 500 crore and Rs 1,000 crore via Basel-III compliant Tier-I bonds in this financial year.

S Muhnot, chairman & managing director of the bank, said instead of taking further equity right now, the bank would rather raise capital. He added the bank’s capital adequacy ratio is around 11 per cent.

According to reports, lenders such as IDBI and Andhra Bank were also mulling to raise money via similar bonds.