India New Issue-Bank of Maharashtra to issue tier II bonds - bankers

Bank of Maharashtra

04/08/2023 12:06

(NOTE TO SUBSCRIBERS: Reuters is considering discontinuing the following 'India New Issue'
report. If you have feedback or questions, please contact India Financial News Editor Ira Dugal
Ira.Dugal@thomsonreuters.com prior to August 7)
       MUMBAI, Aug 4 (Reuters) - India's Bank of Maharashtra  BMBK.NS  plans to raise at least
2 billion rupees ($24.2 million) through the sale of Basel III compliant tier II bonds maturing
in 10 years, three bankers said on Friday.
    The state-run lender is likely to invite coupon and commitment bids for the issue next week,
they said. 

 Below is the list of deals reported so far on Aug 4:
             Issuer                                                           
                      Tenure                  Issue size (in  Bidding date    Rating
                                    Coupon    bln rupees)*                    
                                    (in %)                                    
                                                                              
                                                                              
 Bank of Maharashtra  10-yr         To be     2 + 8           To be decided   AA+ (Acuite,
                                    decided                                   Infomerics)
 Sundaram Finance             5-yr      7.75            7.50  August 7        AAA (ICRA)
 Renew Fazilka Solar          3-yr  9.55                2.50  August 7        A+ (Care)
 Power                                                                        
 
*Size includes base plus greenshoe for some issuances



($1 = 82.8280 Indian rupees)

 (Reporting by Dharamraj Dhutia
Editing by Sonia Cheema)
 ((Dharamraj.dhutia@tr.com))