India's Bank of Maharashtra to issue Rs. 2 billion of upper tier 2 bonds

By Reshmi Basu

New York, Feb. 27 - India's Bank of Maharashtra said it plans to issue up to Rs. 2 billion of upper tier 2 bonds.

The 15-year bonds will have a coupon of 9.90% and will be non-callable for 10 years. If the bonds are not called, the coupon will step up to 10.40%.

The subscription period started on Tuesday and ends on March 19.

The Pune, India-based issuer is one of the largest banks in western India.

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