Bank of Maharashtra raises Rs 300 crores through Issue of Tier I & Tier II Bonds

Bank of Maharashtra has now announced with reference to earlier annoucement regarding raising of Capital, that the Bank have raised Tier I and Tier II bonds aggregating to Rs. 300 Crore on September 29, 2009. The issues were opened on September 29, 2009 and were fully subscribed and closed on the same day.

The Bank issued Upper Tier II-(Sr V) Bonds with Coupon Rate (Payable annually) of 8.95% p.a. The tenure is 180 Months and the amount is Rs. 100 Crore. The step up option shall be 50bps after the lapse of 10 years from the date of issue.

The Bank issued Upper Tier II-(Sr IX) bonds with coupon Rate (Payable annually) of 8.74% p.a. The tenure is 115 Months and the amount is Rs. 130 Crore. There is No Call option.

The company issued bonds of IPDI-(Sr. II) (i.e. Tier I) and the Coupon Rate (Payable annually) is 9.25% p.a. The tenure is Perpetual and the amount is Rs. 70 Crore. The Step up option shall be 50bps after the lapse of 10 years from the date of issue.

The stock closed the day at Rs.45.50, up by Rs.0.25 or 0.55%. The stock hit an intraday high of Rs.45.90 and low of Rs.44.

The total traded quantity was 305506 compared to 2 week average of 953399.

Source : Equity Bulls

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