Bank of Maharashtra Updates on Issue of Upper Tier II Bonds to meet CAR

With reference to earlier announcement dated July 20, 2006, regarding the Bank's decision to issue Upper Tier II Bonds upto Rs 650 crores to augment the Bank's Capital Adequacy requirement. In this connection the Bank has to inform that the Bank had issued Bonds of Rs 300 crores under Series I on October 14, 2006 and bonds of Rs 200 crore under Series II on March 21, 2007, Bank of Maharashtra has announced that, the Bank has decided to issue Bonds of Rs 150 crores under Series III at the coupon rate of 10.25% p.a. for a period of 15 years with a step-up coupon rate of 10.75% p.a. 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 March 26, 2007; closes on March 29, 2007 and the deemed date of allotment is March 30, 2007.

Source : Equity Bulls

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