Bank of Maharashtra to raise Rs.1350 crore

To augment its Capital Adequacy requirements, Bank of Maharashtra has decided to issue Tier I Unsecured, Non Convertible, Subordinated, Perpetual] Bonds (Innovative Perpetual Debt Instruments) in the nature of Promisory Notes up to Rs. 350 crore and Unsecured, Redeemable, Non Convertible, Subordinated, (Lower Tier II) Bonds in the nature of Promisory Notes up to Rs. 1000 crore. The Lower Tier Il Bonds are for a period of 120 months.

The issue opens on December 26, 2012, closes on December 29, 2012 and the deemed date of allotment is December 31, 2012.

The Bank of Maharashtra stock closed the day at Rs.59.75, up by Rs.0.10 or 0.17%. The stock hit an intraday high of Rs.61 and low of Rs.59.25.

The total traded quantity was 0.51 lakhs compared to 2 week average of 0.72 lakhs.

Source : Equity Bulls

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