India New Issue-Bank of Maharashtra seeks bids for tier-II bonds on Thursday - bankers

Bank of Maharashtra

12/09/2023 11:24

MUMBAI, Sept 12 (Reuters) - India's Bank of Maharashtra  BMBK.NS  has invited bids for
its Basel III compliant tier-II bonds on Thursday, through which it plans to raise at least 2.5
billion rupees ($30.15 million), three bankers said on Tuesday.
    The bonds will mature in 10 years and the issue has a call option at end of five years. Last
week, Reuters reported that the Bank of Maharashtra is planning to raise at least 2.5 billion
rupees via tier II bonds.
  
  Here is the list of deals reported so far on Sept. 12:
                                                                          
 Issuer         Tenure        Coupon (in %)  Issue size (in  Bidding      Rating
                                             bln rupees)*    date         
                                                                          
 Bank of        10-yr         To be decided  2.5+12.5        Sept. 14     AA+ (Acuite)
 Maharashtra                                                              
                15-yr         To be decided        5+15      Sept. 14     AAA (India
 IIFCL                                                                    Ratings, ICRA)
                                                                          
                  1-yr and 6           8.43           5+1.5  Sept. 13     AA (Care Ratings,
 PNB Housing            mnts                                              ICRA)
 Finance                                                                  
                                                                          
 
*Size includes base plus greenshoe for some issuance


($1 = 82.9227 Indian rupees)

 (Reporting by Bhakti Tambe; Editing by Janane Venkatraman)
 ((Bhakti.Tambe@thomsonreuters.com))