Bank of Maharashtra issues Upper Tier II bonds upto Rs 300 crore

Mumbai, Oct 11 (UNI) The public sector Bank of Maharashtra has now decided to issue Upper Tier II Bonds to the extent of Rs 300 crore to augment the Bank's Capital Adequacy requirement at the coupon rate of 9.10 per cent a year for a period of 15 years.

Announcing this to BSE, the Bank said this issue comes with a set-up coupon rate of 9.60 per cent per annum a year for the remaining 5 years if call option is not exercised at the end of 10th year from the Deemed date of Allotment.

The issue opens on October 12, 2006; closes on October 13, 2006 and the deemed date of allotment is October 14, 2006.

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