Bank of Maharashtra To Raise 1000 cr

Bank of Maharashtra will raise Rs. 1,000 crore by issuing Basel-III compliant bonds on a private placement basis.

Bank of Maharashtra has informed the BSE that the bank proposes to raise Basel III compliant tier-II bonds amounting to Rs. 1,000 crore by way of private/public placement.

According to a Fitch Ratings report, Indian banks need $140-billion capital to ensure full compliance with the Basel-III norms by 2018-19.

The Basel-III norms are aimed at bolstering banks’ resilience. Basel-III capital regulations are being implemented in India with effect from April 1, 2013 in a phased manner.