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Bank of Maharashtra to Raise Rs 1,000 Crore via Bonds

Bank of Maharashtra on Tuesday said it will raise Rs 1,000 crore by issuing Basel III-compliant bonds on a private placement basis.
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Bank of Maharashtra to Raise Rs 1,000 Crore via Bonds
New Delhi: Bank of Maharashtra on Tuesday said it 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 is proposing to raise Basel III compliant tier-II bonds amounting to Rs 1,000 crore by way of private/public placement," the public sector bank said in a regulatory filing.

According to a report by Fitch Ratings, Indian banks need $140 billion capital to ensure full compliance with 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.

At 1:54 p.m., shares in Bank of Maharashtra were trading 0.64 per cent lower at Rs 31.10 apiece on the BSE, whose benchmark Sensex index was down 0.56 per cent.

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