Bank of Maharashtra gains on raising Rs 348 cr via tier 2 bonds

Bank of Maharashtra rose 1.23% to Rs 28.80 after the bank said that it raised Rs 348 crore through basel III compliant tier II bonds at a coupon rate of 8%.

The state-run lender allotted 348 unsecured, non-convertible, taxable, fully paid up, basel III compliant tier II bonds, having a face value of Rs 1 crore each, aggregating upto Rs 348 crore.

The allotment was done on a private placement basis.

The bank said that these bonds will be listed on the wholesale debt market segment of the BSE.

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.

 

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.

Powered by Capital Market - Live News