Bank of Maharashtra raises Rs 500 crore via bonds

State-owned Bank of Maharashtra said it has raised Rs 500 crore by issuing bonds that are compliant with global capital adequacy norms.

"The Bank has raised Rs 500 crore by issue of Basel III compliant unsecured redeemable non-convertible Tier II bonds," it said in a BSE filing.

The bonds have been rated as 'AA hyb' by ICRA and 'AA' by CARE, it added.

The bonds bear the coupon rate of 9.20% per annum.

Earlier this month, the Pune-based bank had informed about raising capital up to Rs 1,000 crore through various means including of FPO, rights issue or Qualified Institutional Placement.

Shares of Bank of Maharashtra were trading 0.76% up at Rs 33 on BSE.