India's Bank of Maharashtra plans to issue Rs. 8.75 billion of tier 2 bonds

By Reshmi Basu

New York, July 20 - Bank of Maharashtra said it plans to issue up to Rs. 8.75 billion of tier 2 bonds in two tranches via a private placement.

The bank plans to sell up to Rs. 2.25 billion of unsecured, non-convertible, redeemable subordinated tier 2 bonds and up to 6.5 billion of upper tier 2 capital bonds during the financial year of 2006 and 2007.

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

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