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Bank of Maharashtra has raised ₹1,000 crore additional Tier-1 capital, a top official said.
“The issue closed on Saturday. We have raised ₹1,000 crore and the coupon on the bonds is 9.48 per cent per annum. It is a seven-year perpetual bond,” RK Gupta, Executive Director, Bank of Maharashtra, said.
The issue size was pegged at ₹500 crore with the bank having a green-shoe option for raising an additional ₹500 crore, Gupta said. The entire proceeds of the issue were mobilised within the country from various institutional investors, he added.
Bank of Maharashtra expects to see a ramp-up in credit demand in the second half of next fiscal as the Indian economy gets on recovery mode.
In particular, strong credit demand is expected in renewable energy from large corporates in the coming months, Sushil Muhnot, Chairman and Managing Director, Bank of Maharashtra, told BusinessLine .
Muhnot was in the Capital to receive an award for the bank’s contribution in the micro, small and medium enterprise (MSME) segment.
He also said that credit demand in the current fiscal was subdued and growth is lower than in the previous fiscal.
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