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

Bank of Maharashtra

28/06/2024 05:11

MUMBAI, June 28 (Reuters) - India's Bank of Maharashtra  BMBK.NS  plans to raise up to
10 billion rupees ($119.88 million), including a greenshoe of 7.5 billion rupees, through Basel
III compliant tier 2 bonds maturing in 10 years, three people said on Friday.
    The state-run bank has invited bids from investors and bankers for the proposed bond issue
on Tuesday. 
    The bonds have a call option at the end of five years.     
    
 
  Here is the list of deals reported so far on June 28: 
                                                                      
   Issuer   Tenure        Coupon (in %)  Issue size (in  Bidding      Rating
                                         bln rupees)*    date         
                                                                      
 Bank of    10 years      To be decided  2.5+7.5         July 2       AA+
 Maharasht                                                            (Careedge,
 ra                                                                   Icra)
 Shriram    5 years       9.15           7.05            June 27      AA+ (Crisil)
 Finance                                                              
 India          12 years           7.99               9  June 27      AAA (Crisil,
 Infradebt                                                            Icra)
 
 * Size includes base plus greenshoe for some issues


($1 = 83.4150 Indian rupees)

 (Reporting by Bhakti Tambe)
 ((Bhakti.Tambe@thomsonreuters.com))