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

Bank of Maharashtra

19/06/2024 03:31

MUMBAI, June 19 (Reuters) - India's Bank of Maharashtra  BMBK.NS  plans to raise 10
billion rupees ($119.9 million) through the sale of Basel III compliant tier II bonds maturing
in 10 years, three merchant bankers said on Wednesday.
    The state-run bank is likely to invite bids from bankers and investors next week, and the
issue is expected to have a call option at the end of five years, the bankers said.
    
 
 Here is the list of deals reported so far on June 19: 
                                                                          
 Issuer         Tenure        Coupon (in %)  Issue size (in  Bidding      Rating
                                             bln rupees)*    date         
                                                                          
 Bank of            10 years  To be decided              10  To be        AA+ (Careedge,
 Maharashtra                                                 decided      Acuite)
 
*Size includes base plus greenshoe for some issues



($1 = 83.3840 Indian rupees)

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