Bank of Maharashtra, 5 other firms plan to raise Rs 5,241 crore via bond issue on September 14

Bank of Maharashtra and five other companies, namely NNP Constructions Pvt Ltd, Neogrowth Credit Pvt Ltd, Mahindra and Mahindra Financial Services, Shriram Finance and India Infrastructure Finance, are planning to float bonds on September 14 to raise up to Rs 5,241 crore, sources told Moneycontrol.

"The amount planned by the India Infrastructure Finance Co and M&M Financial Services is highest and both bonds bear 'AAA' ratings," the source said, adding that bidding for all the bonds will take place on September 14 on the electronic bidding platform of BSE.

According to the source, M&M Financial Services plans to raise up to Rs 1,050 crore, which includes Rs 875 crore in greenshoe through bonds maturing in 36 months, and India Infrastructure Finance will raise Rs 2,000 crore, which includes Rs 1,500 crore via 180-month bonds.

Similarly, Neogrowth Credit will raise up to Rs 40 crore, including Rs 10 crore in greenshoe via 376 days bonds, and Shriram Finance is said to raise up to Rs 100 crore through 20-month-11-day bonds. NNP Constructions plans to raise Rs 551 crore through bonds maturing in 60-month bonds.