Bank of Maharashtra raises Rs 8.11 billion through infrastructure bonds

The Bank of Maharashtra has raised Rs 8.11 billion through a 10-year infrastructure bond issue carrying a coupon rate of 7.8 per cent. The bank originally targeted raising up to Rs 30 billion crore through the issue but received bids totalling only Rs 13.90 billion. The majority of investor proposals sought higher interest rates than the offered coupon. The bond issue had a base size of Rs 5 billion with a greenshoe option of Rs 25 billion.