India's Bank of Maharashtra plans to issue Rs. 3 billion of upper tier 2 bonds

By Reshmi Basu

New York, Oct. 11 - Bank of Maharashtra said it plans to issue up to Rs. 3 billion of upper tier 2 bonds to augment its capital adequacy requirement.

The 15-year bonds will be non-callable for 10 years. The issue will bear a coupon of 9.10% for the first 10 years. If the bonds are not called, the coupon will step up to 9.60%.

The subscription period starts on Thursday and ends on Friday.

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

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