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Last Updated : Mar 03, 2020 01:37 PM IST | Source: PTI

Bank of Maharashtra to raise up to Rs 600cr via bonds

"The bank is proposing to raise capital by issue of Basel III-compliant unsecured, redeemable non-convertible tier II bonds of base issue of Rs 200 crore with green shoe option of Rs 400 crore aggregating to Rs 600 crore on private placement basis," the lender said in a regulatory filing.

 
 
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State-run Bank of Maharashtra on Tuesday said it will raise up to Rs 600 crore by issuing bonds on a private placement basis.

"The bank is proposing to raise capital by issue of Basel III-compliant unsecured, redeemable non-convertible tier II bonds of base issue of Rs 200 crore with green shoe option of Rs 400 crore aggregating to Rs 600 crore on private placement basis," the lender said in a regulatory filing.

To comply with Basel-III Capital Regulations, banks need to improve and strengthen their capital planning processes.

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These norms are being implemented to mitigate concerns on potential stresses on asset quality and consequential impact on performance and profitability of banks.

The Indian banking system has been implementing Basel III standards in phases since April 1, 2013.

Stock of Bank of Maharashtra was trading at Rs 10.54 on BSE, down 0.57 percent from its previous close.

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First Published on Mar 3, 2020 01:30 pm
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